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Darden Restaurants finds a buyer for Red Lobster

  • 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
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