Authentic Brands Group is to acquire sportswear brand Champion from HanesBrands for a little over $1 billion according to multiple reports.

WWD reported that the parties have not yet signed a formal agreement but may have an official deal already by next week.

The report also mentioned that the transaction will close “around the end of May or early June.”

In September last year, HanesBrands said it was evaluating “strategic options” for Champion, including a potential sale.

HanesBrands CEO Steve Bratspies said the company aims to leverage its iconic brands and competitive advantages to drive growth and profitability, as well as ensure both innerwear and activewear businesses are on the optimal path to achieve long-term success.

For the last full year, HanesBrands reported that its net sales fell 9.6 per cent to $5.64 billion.