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.
