The GEO Group Sells Adelanto ICE Processing Center Complex for $950 Million, Increases Share Repurchase Authorization

The GEO Group, Inc. (NYSE: GEO) completed the sale of its 1,280-bed Adelanto West, 660-bed Adelanto East, and 704-bed Desert View Annex ICE Processing Centers in Adelanto, California, to the United States for an aggregate gross sales price of $950 million. Net proceeds are anticipated to be approximately $705 million after federal and state taxes and transaction fees and expenses. The company expects to use the net proceeds to reduce debt, repurchase shares of common stock, and for other general corporate purposes. Additionally, GEO's Board of Directors increased the company's share repurchase authorization by $750 million to $1.25 billion, effective through December 31, 2029.