Red Lobster fetches $2.1B sale price

Darden Restaurants said Friday it will sell its Red Lobster seafood-restaurant chain to private-equity group Golden Gate Capital for $2.1 billion in cash.

According to Fox Business, Darden has been under increased pressure to jettison assets as several of its restaurants, including Olive Garden, have struggled in recent years.

“Today's announcement is the culmination of a highly competitive process designed to maximize the value of the Red Lobster business and better position Darden for success,” Darden lead board director Chuck Ledsinger said in a news release.

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