Private prison operator GEO Group announced this morning it had completed its previously announced acquisition of a detention center in Montgomery County, Texas, for $65 million.
The 1,287-bed Joe Corley Detention Center, which GEO has been managing for the county since 2008, houses federal detainees for U.S. Immigration and Customs Enforcement and the U.S. Marshals Service.
GEO Group says the center is expected to generate approximately $27 million in total revenues annually for the prison operator while generating returns consistent with its owned facilities in the 13% to 15% range.
Headquartered in Boca Raton, Fla., GEO Group owns or manages 95 facilities totaling approximately 72,000 beds while employing approximately 18,000 workers.
The article GEO Group Completes Acquisition of Texas Detention Center originally appeared on Fool.com.Fool contributor Rich Duprey has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.