WASHINGTON (dpa-AFX) - The GEO Group, Inc. (GEO), Thursday announced an agreement to sell its Lawton Correctional Facility to the Oklahoma Department of Corrections for $312 million.
George Zoley, Executive Chairman of GEO, expects the transaction to be a significant deleveraging event for the company.
The company intends to use the proceeds for repaying debts and other general corporate-related purposes.
The deal is expected to close on July 25, 2025, with the company estimated to transition Facility operations to the Oklahoma Department of Corrections simultaneously on the same day.
In the pre-market hours, GEO is trading at $26.77, down 0.07 percent on the New York Stock Exchange.
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