Blackstone is selling U.S. sock maker, Gold Toe Moretz, to Canadian clothing company, Gildan Activewear, for $350 million, Private Equity Hub reports. The company will not acquire any of Gold Toe Moretz’s currently outstanding debt.

Majority of the acquisition amount will be represented by intangible assets. Gold Toe’s senior management team, including John Moretz, Chairman and chief innovation officer, and Steve Lineberger, president and CEO, will join Gildan after the deal.

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