The GEO group has paid $312 million for eight prisons in Alabama, Louisiana and Texas. Based in Boca Raton Geo Group bought the facilities totaling 6,500 beds from LCS Corrections Services, a private company that will use the funds to pay back $302 million in debt. Assuming the all-cash transaction closes as expected in February, Geo Group will manage a total of 106 correctional, detention and community re-entry facilities totaling 85,500 beds with operations in the UK, Australia and South Africa. The company, which employs about 18,000, expects the acquisition to increase its annual revenue by $75 million to $85 million.
