Avon Products Inc said on Thursday it had agreed to sell 80.1 percent of its North America business to private equity firm Cerberus Capital Management LP for $170 million. New York-based Cerberus will also invest $435 million for a 16.6 percent stake in the direct-seller of cosmetics in a deal that values Avon at about $2.5 billion. Avon North America, which accounts for about 14 percent of Avon’s total revenue, will be separated from the parent company.