PVH Corp. Wednesday completed its acquisition of Warnaco Group Inc., elevating the buyer into an $8 billion apparel colossus and effectively bringing the Calvin Klein jeans and underwear businesses in-house. In a deal signed as Hurricane Sandy bore down on New York in late October, PVH paid $2.9 billion for the company, with Warnaco shareholders receiving $51.75 in cash and about 0.18 of a share of PVH common stock for each share held. The equity conversion translates into about 10 percent of PVH’s outstanding shares.
PVH bought Calvin Klein Inc. in 2003, and speculation about a PVH acquisition of Warnaco, which owned the Calvin Klein Underwear business and licensed jeanswear under the designer brand, had been active since, muted only briefly by PVH’s 2010 purchase of Tommy Hilfiger.
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