NEW YORK (AP) -- Clothing maker PVH says it will buy competitor The Warnaco Group in a cash-and-stock deal worth about $2.9 billion that will create one of the world's largest branded lifestyle apparel companies.
PVH brands include Calvin Klein and Tommy Hilfiger. The Warnaco Group Inc. also sells Calvin Klein, as well as Speedo, Warner's and Olga.
PVH Corp. says it will pay Warnaco shareholders $51.75 in cash and a portion of its stock for each Warnaco share. That puts the total per-share value at $68.43, a 34 percent premium over the company's closing price on Friday, the last day markets were open.
The deal is expected to close early next year, and the boards of directors for both companies have unanimously approved it.