May 16 (Reuters) - Darden Restaurants Inc said it agreed to sell its struggling Red Lobster seafood chain to Golden Gate Capital for $2.1 billion in cash.
The company said it expects net cash proceeds of about $1.6 billion, of which about $1 billion would be used to retire debt.
The remainder would be used to buy back up to $700 million of shares in fiscal 2015, Darden said.
(Reporting by Maria Ajit Thomas in Bangalore; Editing by Savio D'Souza)
- Personal Finance - Lifestyle
- Darden Restaurants Inc
- Red Lobster
- Golden Gate Capital