PVH has announced that it will acquire The Warnaco Group, bringing together the jeans and underwear businesses of the Calvin Klein brand.

The acquisition of Warnaco, currently valued at $2.9 billion, will further boost PVH’s profile as one of the most profitable global branded lifestyle apparel companies in the world. PVH is currently the third largest licensor in the world with more than $10 billion in retail sales, according to License! Global’s Top 125 Global Licensors report.

“This is a unique opportunity to reunite the House of Calvin Klein and reinforces our strategy to drive the global growth of Calvin Klein,” says Emanuel Chirico, chairman and chief executive officer, PVH. “Having direct global control of the two largest apparel categories for Calvin Klein–jeans and underwear–will allow us to unlock additional growth potential of this powerful designer brand across all major product categories, geographies and distribution channels. The Warnaco Calvin Klein businesses will be moved onto our Calvin Klein platform under the leadership of Tom Murry, president and chief executive officer, Calvin Klein, to ensure a single brand vision globally.”

In addition to Calvin Klein, PVH’s portfolio also includes Tommy Hilfiger, Van Heusen, Izod, Arrow, Bass, Speedo, Olga and Warner’s.

The merger has been unanimously approved by the boards of directors of both companies, is expected to close in early 2013, at which time the former Warnaco stockholders will own approximately 10 percent of the outstanding common stock of PVH.

Helen McCluskey, Warnaco’s president and chief executive officer, is expected to join PVH’s board of directors.