NRN.com - Darden Restaurants Inc. has agreed to sell Red Lobster to San Francisco-based private equity firm Golden Gate Capital for $2.1 billion in cash, the casual-dining company said Friday.

After taxes and transaction costs, Darden expects to receive net proceeds of $1.6 billion, of which about $1 billion would be used to retire outstanding debt. The remaining $500 million to $600 million will be deployed for a share repurchase program of up to $700 million in fiscal 2015, the Orlando, Fla.-based company said. Continue