Darden completes $2.1 billion Red Lobster sale

Darden completes $2.1 billion Red Lobster sale

Chairman Otis calls transaction a milestone, but says work remains at Olive Garden

Darden Restaurants Inc. said Monday it has completed its $2.1 billion sale of the 706-unit Red Lobster casual-dining brand to Golden Gate Capital.

Orlando-based Darden said about $1 billion of the net cash proceeds of the deal, announced in May, will be used to retire outstanding debt.  The remaining net proceeds of $500 million to $600 million are to be used for a new share repurchase program of up to $700 million i

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