Van Heusen plans to acquire Tommy Hilfiger

Phillips-Van Heusen agreed to buy apparel maker Tommy Hilfiger from private-equity firm Apax Partners LP for 2.2 billion euros ($3 billion), adding the namesake brand to its Calvin Klein and Izod clothing lines. 

Apax will get 1.92 billion euros in cash and 276 million euros worth of Phillips-Van Heusen common stock, New York-based Phillips-Van Heusen said in a statement on Monday. Apax bought Hilfiger in 2006 for about $1.6 billion and delisted the company same year. 

The purchase will boost sales of Phillips-Van Heusen, which also owns the 159-year-old shirt maker Arrow, to $4.6 billion, the statement said. Phillips-Van Heusen is seeking brands that can grow globally and boost profitability.