Phillips-Van Heusen announced plans  to buy Tommy Hilfiger, which is controlled by private equity firm Apax Partners, for roughly $3 billion in cash and stock.


The combination would create one of the largest apparel makers in the world, with estimated global revenue of $4.6 billion, the companies said in a statement.

Phillips-Van Heusen, which owns Calvin Klein and IZOD, said it expects the purchase to boost earnings before it realizes one-time costs and accounting charges related to the deal.

Under the terms of the deal, Phillips-Van Heusen,  will pay Apex €1.9 billion in cash and €276 million worth of PVH common stock. PVH will assume €100 million in Tommy Hilfiger’s debt.

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