Darden Restaurants sells Red Lobster for $2.1 billion in all cash deal

Orlando based Darden Restaurants, this morning said it has agreed to sell its Red Lobster business to private-equity investment firm Golden Gate Capital for $2.1 billion in cash.

Darden, which runs Olive Garden, Bahama Breeze and the Capital Grille, among other restaurants said it will use proceeds to pay down debt.

For all you share holders, the company expects to maintain its current quarterly dividend of 55 cents a share.

The sale of Red Lobster should be completed in the first quarter of 2015.