GEO Group sells three immigration detention centers to U.S. government for $950 million
The GEO Group has finalized the sale of its three immigration detention facilities in Adelanto, California, to the U.S. government for a total gross price of $950 million. The assets include two ICE processing centers with capacities of 1,280 and 660 beds respectively. This transaction is expected to strengthen GEO Group's balance sheet by removing these facilities from its operating portfolio while generating significant cash proceeds. In conjunction with the sale, the company has also announced an increase in its stock buyback program, signaling confidence in using capital returns as a strategic tool for shareholder value creation.
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Topics: asset sale government contract immigration detention