The GEO Group sells three ICE Processing Centers for $950 million and increases share repurchase authorization to $1.25 billion

The GEO Group, Inc. (NYSE: GEO) has completed the sale of its Adelanto West, Adelanto East, and Desert View ICE Processing Centers in California to the U.S. Department of Homeland Security for an aggregate gross sales price of $950 million. The company expects to receive approximately $705 million in net proceeds and plans to use these funds for debt reduction, share repurchases, and general corporate purposes. GEO's Board of Directors also increased its share repurchase authorization by $750 million to $1.25 billion.