GEO and Cornell Announce Merger

BOCA RATON, Fla. — The GEO Group and Cornell Companies, two of the largest players in the private correctional detention, secure treatment and residential programming sector, will merge operations after directors agreed a multimillion agreement.

Headquartered in Boca Raton, GEO will acquire Cornell, which is based in Houston, for stock and/or cash at an estimated enterprise value of $685 million. The enterprise value (excluding cash on hand) includes approximately $300 million in debt, which GEO will assume.

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