Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Hanesbrands (NYSE:HBI) were looking like the perfect fit Wednesday, rising as much as 11% after the clothing maker said it would buy French lingerie maker DBA, reuniting the two companies. 

So what: The parent of brands such as Hanes, Playtex, and Champion said it would acquire DBA, the leading intimate apparel and underwear company in Europe, for about $545 million, or 7.5 times DBA's EBITDA. Hanes Chief Executive Officer Richard Noll said the deal "represents another great acquisition for Hanes" and will create "significant growth and margin-expansion opportunities." 

Now what: Hanes and DBA had been sister companies under former parent Sara Lee, but the two were spun off separately when Sara Lee was acquired by Sun Capital in 2006. It's rare to see an acquirer jump this much on an acquisition, but considering Hanesbrands' multibrand strategy, the earlier relationship between the two, and the overlapping product lines, the two seem like a natural fit. Hanes expects the acquisition to add $0.25 in earnings per share in 2015 and $1 per share, or about $100 million, in three to four years when "full benefits" are realized, making DBA look like a steal for $545 million.