Avon to Separate Its North America Business in Cerberus Deal

“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 struggling cosmetics giant focus on its more promising international business. Cerberus will acquire an 80 percent interest in the North American division for $170 million, according to a statement Thursday. That business also will assume about $230 million in long-term debt from the parent company, which will contribute $100 million in cash to the new entity.” Read more at Bloomberg Business.