After a weeks-long bidding process, Authentic Brands Group is set to be the new owner of apparel line Champion, agreeing to buy it from HanesBrands (asi/59528) for just over $1 billion, according to news reports.

A source knowledgeable about the negotiations told WWD that the deal will likely close around the end of May or early June. No formal agreement has been signed yet, but it’s rumored that something could be put into writing next week, according to WWD. Other companies interested in Champion were Delta Galil, Sycamore Partners, G-III Apparel and WHP Global.

Winston-Salem, NC-headquartered HanesBrands announced in September that it was undertaking a strategic evaluation of its global Champion business, eventually determining to sell the iconic brand amid pressure from activist investor Barington Capital Group, which called on the clothing maker to slash costs and beef up cash as its financial performance weakened. Champion’s sales, in particular, have dropped over the last couple of years. Champion revenue was down 23% in 2023’s Q4 compared to the same three-month stretch in 2022, for instance.

Authentic Brands expressed interest in Champion last year. Headquartered in New York City and private equity-owned, Authentic Brands Group’s portfolio includes Aeropostale, Bandolino, Billabong, Brooks Brothers, Eddie Bauer, IZOD and Van Heusen. Sources warned WWD that Authentic Brands’ purchase of Champion could result in thousands of employees losing their jobs because Authentic Brands would likely source much of the manufacturing, design, logistics and operation to other companies.