Hanesbrands Inc. (NYSE:HBI) entered into an agreement to acquire BNT Holdco Pty Limited (‘BNT’) from Allofus Trust, Candy Blundy and Mountain View Trust for AUD 500 million on February 2, 2018. The purchase consideration will be paid in cash, less any net indebtedness of BNT at closing, and subject to post-closing adjustment to reflect deviation at closing from a normalized level of working capital. Out of the purchase price AUD 20 million will be allocated to the holder of 1 special redeemable preference share while the balance will be allocated to ordinary shares. AUD 35 million out of the purchase price will be deposited into a retention account at closing. In 2017, BNT had net sales of approximately AUD 180 million. The purchase price is approximately 10 times 2017 EBITDA and is expected to be less than 8 times EBITDA after cost and revenue synergies. The acquisition is expected to be accretive to Hanesbrands earnings in 2018. Completion of the transaction is expected to occur in mid-February 2018. Nick Wormald, Kate Carlile and Keara Stretton of Herbert Smith Freehills acted as legal advisor to Hanesbrands Inc. (NYSE:HBI). EY Australia acted as an accountant to Hanesbrands Inc. Hanesbrands Inc. (NYSE:HBI) completed the acquisition of BNT Holdco Pty Limited (‘BNT’) from Allofus Trust, Candy Blundy and Mountain View Trust on February 12, 2018. BNT Holdco Chief Executive Officer George Wahby will continue to run the business and will join the Hanes Australasia management team led by President and Managing Director David Bortolussi.