Avon in Talks to Sell North American Business

Avon Products Inc. is close to selling part of its business to a private-equity firm just as an activist investor is readying its own campaign to turn around the struggling 130-year-old beauty-products seller.

Avon is in advanced talks to sell its North American business to Cerberus Capital Management LP, according to people familiar with the matter. As part of the deal, Cerberus would make a minority investment in Avon that would strengthen the company’s balance sheet, the people said. Cerberus would become Avon’s biggest shareholder and might get board seats, the people said.

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