U.S. clothing manufacturer Hanesbrands Inc. (NYSE: HBI) agreed to buy Australia’s Pacific Brands Ltd. for A$1.1 billion ($835 million), gaining iconic underwear labels including Bonds and Jockey. The North Carolina-based company offered A$1.15 per share in cash, 22 percent more than the target’s closing price on Wednesday, according to a statement to the Australian stock exchange.

The board of the Melbourne-based company unanimously recommended the deal. Pacific Brands shares surged 23 percent to A$1.155 at 11:10 a.m. in Sydney.

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