PVH Corp. (NYSE: PVH) agreed to acquire apparel designer and distributor the Warnaco Group Inc. (NYSE: WRC) for $2.9 billion, making the New York-based buyer the owner of well-known brands that include Calvin Klein and Speedo. 

Holders of Warnaco common stock will receive $51.75 in cash and .1822 of a share of PVH common stock for each share of Warnaco common stock.

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