Endeavor Acquisition said Tuesday it planned to acquire American Apparel, the largest T-shirt manufacturer in the United States, ina deal valued at about $244 million.
American will get 32.3 million Endeavor shares, and Endeavor will assume up to $110 million in debt.
The combined company will operate as American Apparel. Plans call for it to trade publicly on the American StockExchange or another national stock exchange.
American Chief Executive Dov Charney, who founded the company, will remain in that position.