PVH Corp. (NYSE: PVH) will acquire Warnaco Group, Inc. (NYSE: WRC) in a merger of the two U.S. apparel companies with combined revenue of $8 billion that will bring together brands like Calvin Klein, Tommy Hilfiger, Speedo and Warner's.

Under the deal, which values Warnaco at $2.9 billion, Warnaco common stock holders will get $51.75 in cash and 0.1822 of one PVH Share for each Warnaco share, the two companies said in a joint statement.

PVH expects an accretion of $0.35 per share to earnings in the first full year after the closing of the merger, which is expected in early 2013.

Meanwhile, PVH expects its non-GAAP earnings per share in the third quarter and 2012 to be at least at the top end of its guidance range as previously announced.

Warnaco expects third-quarter net revenues of about $612 million and earnings per share from continuing operations for the period in line with analyst expectations. Warnaco is also reaffirming its previously announced 2012 guidance, excluding one-time costs arising from the merger with PVH.

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