GEO Group sells three Adelanto ICE facilities to US government for $950 million
GEO•GEO Group completed the sale of its three-facility Adelanto, California, ICE complex to the US government for $950 million. It expects about $705 million in net proceeds and increased its share repurchase authorization by $750 million to $1.25 billion.
1. Sale and proceeds
The complex includes three facilities totaling 2,644 beds. GEO expects about $705 million in net proceeds after taxes and fees, earmarked for debt reduction, share repurchases and general corporate purposes.
2. Contract and buybacks
Support services are set to continue under the existing ICE contract, which runs through Dec. 19, 2034, including an option period. GEO increased its share repurchase authorization by $750 million to $1.25 billion, effective through Dec. 31, 2029.
