Hanesbrands has agreed to buy DBApparel for €400 million, giving the US underwear maker global rights to the Wonderbra and Playtex brands as part of its push into new markets.

Hanes and DBA were formerly sister companies under the ownership of Sara Lee Corporation.

In 2006, Sun Capital Partners, the private equity group, acquired DBA, while Hanes was spun off into an independent public company. Reunited, the two companies could now become one of the largest underwear companies in the world, with a valuation of about $6 billion (€4.4 billion).

Hanes already owns the rights to Wonderbra and Playtex in the US and Asia but DBA controls the European rights of the two lingerie brands. Hanes shares rose 9 per cent to $96.53 in New York yesterday on the acquisition. – (Copyright The Financial Times Limited 2014)