Private prison operator GEO Group (GEO 0.51%) 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.
