NEW YORK — PVH Corp., whose brands include Calvin Klein and Tommy Hilfiger, has agreed to buy rival clothier The Warnaco Group Inc. in a deal that would create one of the world’s largest clothing companies and cement PVH’s control of the Calvin Klein clothing brand.

The cash-and-stock deal is valued at about $2.9 billion

Warnaco already sells Calvin Klein jeans and underwear, the brand’s two largest categories, under a license and also sells brands such as Speedo, Warner’s and Olga.

The deal is the second big acquisition in three years for PVH, formerly known as Phillips Van Heusen. PVH acquired Tommy Hilfiger in 2010 for $3 billion.

“This is a unique opportunity to reunite the ‘House of Calvin Klein’ and reinforces our strategy to drive the global growth of Calvin Klein,” PVH Chairman and CEO Emanuel Chirico said in a written statement.

The combined companies would have more than $8 billion in annual revenue. PVH’s other brands include Izod and Arrow.

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The deal is expected to close early next year. The boards of directors for both New York-based companies have unanimously approved it.

After it closes, Warnaco shareholders will own about 10 percent of PVH’s outstanding common stock. Warnaco CEO Helen McCluskey is expected to join PVH’s board of directors.

PVH said it expects the deal to boost earnings in the first full year after it closes, excluding one-time integration costs and transaction expenses.

PVH said will pay Warnaco shareholders $51.75 in cash and a portion of its stock for each Warnaco share. That puts the total per-share value at $68.43, a 34 percent premium over the company’s closing price on Friday, the last day markets were open before storms battered the East Coast.