BUZZ-GEO shares rise due to $950 million sale of ICE facilities and expanded stock buyback plan
路透社2026/10/05 11:27On October 5, shares of prison operator GEO Group (GEO.N) rose 4.8% in pre-market trading to $32.9. The company will sell its ICE processing center complex in Adelanto, California, for $950 million. GEO expects to receive approximately $705 million in net proceeds from the sale after taxes and other fees. The company plans to use the proceeds and future cash flows to reduce debt and repurchase shares. The board has increased the share repurchase authorization by $750 million, bringing the total to $1.25 billion. As of the last close, the stock had gained 94.5% year-to-date. (For the convenience of non-English speakers, Reuters automates its reports into several other languages. As automated translation may have errors or lack context, Reuters does not guarantee the accuracy of the automated translation and provides it only for the convenience of readers. Reuters assumes no responsibility for any damage or loss caused by the use of the automated translation feature.)
October 5 - ** The stock price of prison operator GEO Group (GEO.N) rose 4.8% to $32.9 in pre-market trading
** The company will sell its Immigration and Customs Enforcement (ICE) processing center complex in Adelanto, California for $950 million
** GEO expects to receive approximately $705 million in net proceeds from the sale after taxes and other expenses
** Plans to use the proceeds and future cash flow to reduce debt and repurchase shares
** The board has increased the share repurchase authorization by $750 million, bringing the total to $1.25 billion
** As of the last close, the stock had risen 94.5% so far this year
(To facilitate non-English speakers, Reuters provides its reports automatically translated into several other languages. As automated translations may contain errors or fail to capture the context required, Reuters does not guarantee the accuracy of the automated translation; it is provided solely for reader convenience. Reuters accepts no liability for any damage or loss arising from the use of the automated translation service.)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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