UPDATE 1-Avon in talks sell North American arm to Cerberus-sources

December 3, 2015 10:04 PM

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Dec 3 Avon Products Inc is in negotiations to sell its North American arm to Cerberus Capital Management LP, in a deal that would provide a needed cash boost to the cosmetics maker, people familiar with the matter said on Thursday.

Cerberus, a New York-based private equity firm, would also take an equity stake in Avon, which has a market capitalization of close to $1.6 billion and long-term debt of around $2.2 billion, the people said. Avon also had $587 million in cash as of the end of September.

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