Clorox Nears Deal to Sell STP, Armor All to Avista

Clorox Co. is near a deal to sell its STP and Armor All auto-care brands to Avista Capital Partners, according to Bloomberg News.

The deal is valued at $750 million to $800 million, the story said. Blackstone Group LP, Golden Gate Capital and Castle Harlan Inc. were among firms that looked at the assets, which have been on the block since April.

J.P. Morgan Chase & Co. is advising on the process.

Avista, made up of the former DLJ Merchant Banking Partners, invests primarily in health care, energy and media companies.