Golden Gate Capital is buying restaurant chain Red Lobster from Olive Garden-owner Darden Restaurants Inc. (NYSE: DRI) in a $2.1 billion deal.

Red Lobster, headquartered in Orlando, Florida, operates about 700 casual dining seafood restaurants in the U.S. and Canada. The purchase price works out to about 9 times Red Lobster's Ebitda, according to Darden. The deal is expected to close in the first quarter of 2015.

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