Home -> Law Blog Directory -> Criminal Law Blogs -> The Real Cost of Prisons Weblog

Criminal Law

: The Real Cost of Prisons Weblog

GEO and Cornell Companies Merge Prisons, Detention and "Behavioral Health" Services

By Real Cost of Prisons Project (The Sentencing Project)

The GEO Group and Cornell Companies Announce $685 Million Merger Creates $1.5 Billion Revenue Diversified Provider of Essential Government Services April 19, 2010 BOCA RATON, Fla. & HOUSTON, Apr 19, 2010 (BUSINESS WIRE) -- --Combined Company Well Positioned to Capitalize on Growing Global Demand for Correctional, Detention and Behavioral Health Services The GEO Group /quotes/comstock/13*!geo/quotes/nls/geo (GEO 18.93, -0.23, -1.20%) , a private provider of correctional, detention, and residential treatment services to federal, state and local government agencies around the globe, and Cornell Companies /quotes/comstock/13*!crn/quotes/nls/crn (CRN 24.91, +0.41, +1.67%) , a private provider of corrections, treatment and educational services outsourced by federal, state and local governmental agencies, announced today that their respective Boards of Directors have approved a definitive merger agreement pursuant to which The GEO Group will acquire Cornell for stock and/or cash at an estimated enterprise value of $685 million based on the closing prices of both companies' stocks on April 16, 2010, including the assumption of approximately $300 million in Cornell debt, excluding cash...continue to full post

Full post as published by The Real Cost of Prisons Weblog on April 19, 2010 (boomark / email).