GEO Group closes purchase of Community Education Centers

The GEO Group, a private prison company, has finalized the purchase of Community Education Centers, reports Seeking Alpha.

As reported earlier, GEO Group spent $360 million in an all-cash transaction to purchase Community Education Centers (CEC), another for-profit prison company that owns or manages over 12,000 beds in jails and detention centers. CEC operated 8 different facilities in Texas, where there have been wrongful deaths, contraband in jails, and breakouts from their facilities.