Avon to Separate Its North America Business in Cerberus Deal

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  • Private-equity firm to invest $605 million in cosmetics giant
  • Cerberus will own 80% of North American unit after transaction

Avon Products Inc. will split off its North American business as part of a $605 million deal with private-equity firm Cerberus Capital Management, letting the beleaguered cosmetics giant focus on its more promising international business.

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