updated 3/15/2010 7:49:03 AM ET 2010-03-15T11:49:03

Phillips-Van Heusen says it will buy privately held Tommy Hilfiger in a cash-and-stock deal valued at about $3 billion, creating one of the world's biggest clothing companies.

The deal announced Monday includes approximately 1.9 billion euros in cash ($2.6 billion) and 276 million euros ($379.9 million) in Phillips-Van Heusen stock.

The New York clothing retailer will also assume 100 million euros ($137.6 million) in liabilities.

The combined company's revenue will total about $4.6 billion.

Tommy Hilfiger was acquired in May 2006 for about 1.2 billion euros by a group led by the buyout firm Apax Partners.

The sale to Phillips-Van Heusen is expected to close in Phillips-Van Heusen's second quarter.

Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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