** Shares of Australia's Myer Holdings rise as much as 7.7% to A$1.05

** Myer stock hits highest since March 2023

** Department store owner is taking over retail billionaire Solomon Lew's Premier Investments portfolio of apparel brands

** Total deal valued at A$863.8 mln ($568.38 mln)

** PMV shares rise as much as 16.4% to A$35.95 and are set for their strongest trading session since early 2021

** PMV shares hit record high

** Myer will acquire Premier's Just Jeans, Jay Jays, Portmans, Jacqui E and Dotti brands

** MYR has risen 61.7% this year, as of last close, while PMV is up 11.9%

($1 = 1.5198 Australian dollars)

(Reporting by Rishav Chatterjee in Bengaluru)

((Rishav.Chatterjee@thomsonreuters.com;))