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News Breaks January 2, 2013 08:06 EDT GEO Geo 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 Check below for free stories on GEO the last two weeks. Sign up for a free trial to see the rest of the stories you've been missing. May 17, 2013 09:33 EDT GEO Avondale Conviction List changes Subscribe for More Information May 15, 2013 07:37 EDT GEO Macquarie to host a conference Subscribe for More Information May 8, 2013 07:45 EDT GEO Geo Group files $100M at-the-market equity offering Subscribe for More Information 07:42 EDT GEO Geo Group sees Q2 EPS 38c-40c, consensus 42c Sees Q2 revenue $380M-$385M, consensus $387.80M. 07:40 EDT GEO Geo Group sees 2013 EPS $1.58-$1.68, consensus $1.71 Subscribe for More Information 07:38 EDT GEO Geo Group reports Q1 adjusted EPS 38c, consensus 38c Subscribe for More Information May 7, 2013 15:34 EDT GEO Notable companies reporting before tomorrow's open Subscribe for More Information Sign up for a free trial to see the rest of the stories you've been missing.