The GEO Group Sells the Adelanto, California ICE Processing Center Complex Comprised of Three Facilities Totaling 2,644 Beds for $950 Million and Increases Share Repurchase Authorization to $1.25 Billion
Key Highlights
- ➤Adelanto complex sold for $950 million, comprising three facilities totaling 2,644 beds
- ➤GEO expects approximately $705 million in net proceeds after taxes and transaction expenses
- ➤Share repurchase authorization increased $750 million to $1.25 billion through December 31, 2029
- ➤GEO expects to continue ICE support services under contracts running through December 19, 2034
- ➤Additional facility sales remain under discussion without definitive agreements or closing timelines
Expert Statements
George C. Zoley, Chairman, Chief Executive Officer and Founder of The GEO Group
“We are pleased with the completion of these important asset sales to the U.S. federal government, and we look forward to continuing to provide high-quality secure support services under our existing long-term contracts with ICE. We are proud of our 40-year public-private partnership with ICE, and we stand ready to continue to assist the federal government in meeting its immigration enforcement priorities. We remain focused on allocating capital to enhance long-term value for shareholders, including through share repurchases.”
The GEO Group Sells the Adelanto, California ICE Processing Center Complex Comprised of Three Facilities Totaling 2,644 Beds for $950 Million and Increases Share Repurchase Authorization to $1.25 Billion
The GEO Group, Inc. (NYSE: GEO) (“GEO” or the “Company”) announced today that the Company has completed the sales of its 1,280-bed Adelanto West ICE Processing Center (“Adelanto West”), 660-bed Adelanto East ICE Processing Center (“Adelanto East”), and 704-bed Desert View Annex (“Desert View”) located in Adelanto, California to the United States of America and its assigns, by and through the Department of Homeland Security, for an aggregate gross sales price of $950 million. After federal and state taxes and transaction fees and expenses, GEO anticipates receiving approximately $705 million in net proceeds from these sales.
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