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Darden Restaurants Inc announces sale of Red Lobster to Golden Gate Capital for $2.1 bln


Friday, 16 May 2014 08:00am EDT 

Darden Restaurants Inc:Agreement to sell its Red Lobster business and certain other related assets and assumed liabilities to Golden Gate Capital for $2.1 bln in cash.Expects to receive net cash proceeds, after tax and transaction costs, of about $1.6 bln, of which about $1.0 bln will be used to retire outstanding debt.Remaining net proceeds of about $500 mln to $600 mln will be deployed for new share repurchase program of up to $700 mln in fiscal 2015.Agreement announced culmination of robust process to maximize value potential of sale or spin-off of Red Lobster and its real estate assets.