Mikael Jansson

LONDON — The fashion company PVH Corporation agreed on Wednesday to acquire the Warnaco Group in a $2.9 billion deal, bringing various Calvin Klein brands under one corporate umbrella.

Under the terms of the deal, PVH, whose brands include Calvin Klein and Tommy Hilfiger, said it was offering $51.75 in cash and 0.18 of a share in PVH for each share in Warnaco, which is based in New York and controls the Calvin Klein jeans and underwear licenses.

The combined cash-and-stock deal is worth $68.43, a 34 percent premium on Warnaco’s closing share price on Friday. Trading in New York was closed on Monday and Tuesday because of Hurricane Sandy.

Shares in Warnaco rose 39 percent, to $70.95, in morning trading in New York, while stock in PVH jumped 21 percent, to $110.

The acquisition would give Warnaco shareholders a combined 10 percent stake in the enlarged company, according to PVH.

“Bringing all of the Calvin Klein brands in house was critical for us ” PVH’s chief executive, Emanuel Chirico, said in an interview with DealBook. “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.”

PVH acquired the Calvin Klein brand in 2003. The deal gave the company control over the design and product development for the Calvin Klein brands. Warnaco holds the licensing agreements for the brand’s jeans and underwear divisions.

The acquisition of Warnaco comes two years after PVH acquired the Tommy Hilfiger brand for $3 billion. The deal gave PVH, which also owns Arrow and Izod and licenses others brands like Geoffrey Beene and Kenneth Cole New York, greater access to the markets in the developing world, particularly Asia and Latin America.

Mr. Chirico of PVH said the company would not be looking to make acquisitions in the near future as it looked to intergrate Warnaco’s operations.

“I don’t see us doing anything for three years,” he said.

PVH said it expected $100 million of annual cost savings by the third year after the completion of the deal, which is expected to close early next year. The company said it would incur $175 million in one-time costs related to these activities.

PVH was advised by the Peter J. Solomon Company, Barclays, Bank of America Merrill Lynch and Citigroup, and the law firm Wachtell, Lipton, Rosen & Katz, while Warnaco was advised by JPMorgan Chase and the law firm Skadden, Arps, Slate, Meagher & Flom.