Avon to Sell 80% of North America Unit to Cerberus Capital

Avon Products said on Thursday it had agreed to sell 80.1 percent of its North America business to private equity firm Cerberus Capital Management for $170 million. New York-based Cerberus will also invest $435 million for a 16.6 percent stake in the direct-seller of cosmetics in a deal that values Avon at about $2.5 billion. Avon North America, which accounts for about 14 percent of Avon's total revenue, will be separated from the parent company.