Updated from 12:07 a.m. EDT to include confirmation from Phillips-Van Heusen and Tommy Hilfiger of dealNEW YORK ( TheStreet) -- Phillips-Van Heusen ( PVH) signed a deal to acquire clothing company Tommy Hilfiger for roughly 2.2 billion euros ($3 billion), plus certain liabilities. Phillips-Van Heusen will pay 1.924 billion euros in cash and 276 million euros in stock. Phillips-Van Heusen is buying Hilfiger from private-equity firm Apax Partners. The transaction is expected to close during Phillips-Van Heusen's second quarter. Word of a possible deal for Tommy Hilfiger was reported last week. Phillips Van-Heusen expects the transaction to be immediately accretive to earnings before one-time costs and accounting charges. It expects earnings accretion of 20 cents to 25 cents a share on a non-GAAP basis in the fiscal year ending Jan. 30, 2011. Phillips-Van Heusen owns the Calvin Klein and Izod brands. It started producing last year dress shirts under license for Hilfiger. -- Reported by Joseph Woelfel in New York. Follow TheStreet.com on Twitter and become a fan on Facebook.