02:49 PM EDT, 04/02/2024 (MT Newswires) -- Hanesbrands ( HBI ) agreed to sell athletic apparel brand Champion to Authentic Brands Group for slightly over $1 billion, fashion magazine Women's Wear Daily reported Tuesday, citing a source familiar with the negotiations.

The companies agreed to a deal last Friday or Monday and should close the transaction around the end of May or early June, the source reportedly said.

The parties have not yet signed a formal agreement but could finalize a deal in the next week, according to the report.

Neither Hanesbrands ( HBI ) nor Authentic Brands immediately responded to MT Newswires' requests for comment.

Hanesbrands ( HBI ) shares fell more than 10% in recent trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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