GEO rises on $950 million sale of ICE facility, expanded stock buyback
GEO•GEO Group plans to sell its Adelanto, California, ICE processing center complex for $950 million and increased its share repurchase authorization by $750 million to $1.25 billion.
1. Sale and buyback
GEO Group expects net proceeds of about $705 million after taxes, fees and other expenses. The company plans to use the proceeds and future cash flow to reduce debt and repurchase shares.
