In a major move to consolidate the basic side of the apparel industry, Gildan Activewear Inc. has agreed to buy HanesBrands Inc. in a cash and stock deal that values the innerwear giant stock at $2.2 billion.

Gildan Activewear Inc. agreed to buy US underwear maker Hanesbrands Inc. — aiming to double its annual sales — for about $2.2 billion in cash and stock.

Gildan Activewear is buying HanesBrands for $2.2 billion, giving the basic apparel maker access to brands including Hanes and Maidenform.