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BRIEF-Geo Group announces $360 million acquisition of Community Education Centers
February 22, 2017 / 12:14 PM / 7 months ago

BRIEF-Geo Group announces $360 million acquisition of Community Education Centers

Feb 22 (Reuters) - Geo Group Inc

* The Geo Group announces $360 million acquisition of Community Education Centers

* Geo Group Inc says Geo plans to integrate CEC into Geo’s existing business units of Geo Corrections & Detention and Geo Care

* Geo Group Inc - Geo will acquire cec for $360 million in an all cash transaction, excluding transaction related expenses

* Geo Group Inc - Geo will not assume any debt as a result of transaction

* Geo Group Inc - expect to achieve annualized net synergies of approximately $5 million from deal

* Geo Group Inc says acquisition is expected to increase geo’s total annualized revenues by approximately $250 million

* Geo Group Inc - excluding one-time transaction-related expenses and transitional costs, Geo expects acquisition to be modestly accretive in 2017

* Geo Group Inc - anticipates annual net synergies of $5 million to be realized over 9 to 12 months from deal

* Geo Group Inc says expects acquisition to be 9-11% accretive to adjusted EBITDA post-synergies on a fully annualized basis beginning in 2018 Source text for Eikon: Further company coverage:

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