(Corrects headline and paragraph 1 to say Cerberus is close to buying 80 pct of Avon's North American business, not all of it)
Dec 17 (Reuters) - Private equity firm Cerberus Capital Management LP is close to an agreement to buy 80 percent of Avon Products Inc's North American business for $170 million, the Wall Street Journal reported on Thursday.
As part of the deal, Cerberus would also invest $435 million for a nearly 17 percent stake in the parent company, the paper reported, citing people familiar with the matter. (on.wsj.com/1MinViF)
Representatives of Avon and Cerberus were not immediately available for comment outside regular U.S. business hours. (Reporting By Aurindom Mukherjee in Bengaluru; Editing by Anupama Dwivedi)