BUZZ-GEO shares rise due to $950 million sale of ICE facilities and expanded stock buyback plan

路透社2026/10/05 11:27

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On 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.)

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