GEO Group sells three California ICE facilities for $950 million
The GEO Group completed the sale of three immigration detention facilities in Adelanto, California for $950 million. The properties total 2,644 beds, comprising a 1,280‑bed West center, a 660‑bed East center and a 704‑bed Desert View Annex. GEO will continue to provide support services under its existing ICE contract that runs through December 19, 2029 with a five‑year extension option to December 19, 2034. The board also raised the share‑repurchase authorization to $1.25 billion.
Why it matters
GEO says the net proceeds of about $705 million will be used to reduce debt, repurchase shares and fund general corporate purposes, which could improve its balance sheet and return cash to shareholders.
Key facts
- 1The sale price was $950 million. citybiz.co
- 2GEO expects to receive approximately $705 million in net proceeds after taxes and expenses. citybiz.co
- 3The three facilities contain 1,280 beds (West), 660 beds (East) and 704 beds (Desert View Annex), for a total of 2,644 beds. citybiz.co
- 4The board increased the share‑repurchase authorization by $750 million to a total of $1.25 billion. citybiz.co
- 5The support‑services contract with ICE runs through December 19, 2029 with a five‑year option to extend through December 19, 2034. citybiz.co
Summary written by AlphAI from 3 of 3 sources. Not investment advice. Figures are as stated by the linked sources.