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Apparel Maker PVH to Buy Peer Warnaco for $2.9 Billion

Apparel maker PVH Corp. (PVH) agreed to pay $2.9 billion to acquire smaller peer Warnaco Group Inc. (WRC) in a cash-and-stock deal that will unite well-known brands such as Calvin Klein, Tommy Hilfiger and Speedo under one combined firm.Based on PVH's last closing price, the per-share value of the deal is $68.43, a 34% premium over Warnaco's last closing price. Shareholders at both firms cheered the news, as Warnaco jumped 38% to $70.07 in recent trading while PVH rose 17% to $106.70. Both stocks hit all-time highs on Wednesday.In recent years, PVH hasn't been shy about launching large acquisitions to bolster the company's rank of brands. New York-based PVH, formerly known as Phillips-Van Heusen Corp., paid roughly $3 billion in 2010 to acquire Tommy Hilfiger and spent over $400 million to buy Calvin Klein in 2003. Those two brands represent over 75% of PVH's profits and more than 80% of 2011's $5.9 billion in revenue.Warnaco shareholders will receive $51.75 in cash and 0.1822 of a sha...

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  1. Phillips -Van Heusen 2Q, Full-Year View Tops Street

    Phillips-Van Heusen Corp. ( PVH ) reported a second-quarter loss as a result of acquisition costs related to the company’s merger with Tommy Hilfiger, but revenue so...

  2. Phillips -Van Heusen adjusted profit beats Street

    SAN FRANCISCO (Reuters) - Apparel makerPhillips-Van Heusen Corp posted an adjusted quarterlyprofit that surpassed analysts' expectations, helped by revenuegains in a...

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  4. Cavuto Business Report: 03-15-10

    Markets finished mostly up as major fashion merger takes place between Phillips - Van Heusen and Tommy Hilfiger.

  5. Midday Market Update 03-15-10

    Stock investors are watching for five straight days of Dow gains, rising debt threatens the U.S. triple-A rating, and Phillips - Van Heusen pays $3 billion for Hilfiger.

  1. PVH Earnings Rise 31% on Stronger Margins

    PVH Corp.'s (PVH) fiscal second-quarter earnings rose 31% as the apparel maker posted stronger margins and lower taxes.The company also saw continued growth at key b...

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  5. Midday Market Update 03-15-10

    Stock investors are watching for five straight days of Dow gains, rising debt threatens the U.S. triple-A rating, and Phillips - Van Heusen pays $3 billion for Hilfiger.

  6. Cavuto Business Report: 03-15-10

    Markets finished mostly up as major fashion merger takes place between Phillips - Van Heusen and Tommy Hilfiger.

  7. Phillips -Van Heusen raises outlook, Q2 beats

    By Alexandria SageSAN FRANCISCO (Reuters) - Apparel maker CorpPhillips-Van Heusen Corp raised its adjusted profit andrevenue outlook for 2010, and reported better-th...

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