SEC, Darden board approve real estate spin-off

SEC, Darden board approve real estate spin-off

Deal expected to reduce company debt by $1 billion

Federal regulators and Darden Restaurants Inc.’s board of directors have each approved the casual-dining operator's real estate spin-off, paving the way for the separation to take place next month.

Darden shareholders will receive shares in the real estate investment trust, Four Corners Property Trust Inc., which will become a publicly traded real estate investment trust, or REIT.

“Today’s announcement is one of the final steps in the spin-off transaction, which will a

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