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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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October 1, 2015
08:46 EDTGEOGEO Group signs contract for continued management of Northwest Detention Center
The GEO Group announced the signing of a new contract with U.S. Immigration and Customs Enforcement for the continued management of the company-owned, 1,575-bed Northwest Detention Center in Tacoma, Washington. The contract for the continued management of the Center will have a term of nine years and six months inclusive of renewal options. The Center is expected to generate approximately $57M in annualized revenues at full occupancy.

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