Avon Products and Cerberus Capital Management, a New York-based private investment firm that specializes in improving operating performance and building long-term value of the businesses in which it invests, announced Thursday that they have signed definitive agreements on strategy to address Avon’s international markets and revitalize Avon’s North American business.

The partnership, which has been approved by the Avon Board of Directors, includes a $605 million equity investment by affiliates of Cerberus. There are two components.

The first will have Cerberus make a $435 million investment in the company. The second will see Avon North America separated from Avon Products into a privately-held company majority-owned and managed by Cerberus. Cerberus will purchase an 80.1% interest in Avon North America in exchange for a $170 million equity investment. Avon North America will also assume approximately $230 million of long-term liabilities from Avon Products, which will be partially offset by a $100 million cash contribution from Avon.

For its most recent quarter ended September 30, North America revenue was down 17%, or down 15% in constant dollars, primarily driven by a decline in active representatives, which fell 13%.

The transaction is anticipated to be completed in the Spring of 2016.