Canada’s Gildan Activewear is nearing a deal to acquire Hanesbrands, in a takeover that could value the US underwear-maker at nearly $5bn including debt, according to people familiar with the matter.

Gildan Activewear is in talks to acquire HanesBrands for nearly $5 billion, according to the Financial Times of London. Both companies already have a significant presence in the Triad. Both the Financial Times of London and Bloomberg cited unnamed sources they said were in a position to know.