Darden Restaurants finds a buyer for Red Lobster

|About: Darden Restaurants, Inc. (DRI)|By:, SA News Editor

Darden Restaurants (DRI) will sell Red Lobster to Golden Gate Properties for $2.1B.

The company plans to use $1B of the net proceeds to pay off debt and funnel $500M-$600M toward share buybacks.

The deal is expected to close during FQ1.

DRI +0.2% premarket