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Stock Market & Financial Investment News

News Breaks
January 2, 2013
08:06 EDTGEOGeo Group says completes restructuring, health care divestiture
The GEO Group announced that on December 31, it completed all the necessary restructuring steps, including the previously announced divestiture of its health care assets, enabling GEO to operate in compliance with the REIT rules of the Internal Revenue Code beginning January 1, 2013. As previously announced by GEO, a special committee of the Board was formed consisting of all the independent directors, and the Independent Committee approved the sale of the GEO Care Business to members of GEO and GEO Care’s management teams for a purchase price of $36M, inclusive of normalized working capital in the GEO Care Business. In connection with the GEO Care Divestiture, the MBO Group also entered into various arrangements with GEO which will result in approximately $2.6M in annual payments and cost savings for GEO through a five-year support services agreement, a five-year licensing agreement, and annual general and administrative cost savings. Additionally, GEO expects to incur a non-cash charge of approximately $13M-$17M, net of tax, related to the write-off of goodwill, other intangible assets and intercompany debt during the fourth quarter of 2012 in connection with the GEO Care Divestiture.
News For GEO From The Last 14 Days
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July 6, 2015
08:48 EDTGEOGEO Group activates company-owned facilities in Oklahoma, Michigan, California
The GEO Group announced the activation of three company-owned facilities totaling 4,320 beds in Oklahoma, Michigan, and California. In early June 2015, GEO began the intake of offenders at the 1,940-bed Great Plains Correctional Facility in Hinton, Oklahoma under a 10-year contract with the Federal Bureau of Prisons. In late June 2015, GEO also began the intake of inmates from the State of Vermont at the 1,740-bed North Lake Correctional Facility in Baldwin, Michigan under a five-year agreement with the Vermont Department of Corrections. Under the contract, GEO will provide comprehensive correctional management services, including the provision of industry-leading, evidence-based offender rehabilitation programs under the ‘GEO Continuum of Care.’ On July 1, 2015, GEO activated a 640-bed expansion and began the intake process at the Adelanto Detention Facility in Adelanto, California under the existing contractual structure with the City of Adelanto and U.S. Immigration and Customs Enforcement.

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