Prison operator The Geo Group will spend $312 million to buy eight correctional and detention locations — four of them in Louisiana — from privately held LCS Corrections Services.
The deal could rise to about $350 million, if the locations meet some performance targets, Geo Group said Monday. It didn’t detail those targets.
LCS runs sites in Louisiana, Texas and Alabama totaling more than 6,500 beds for federal, state and local governments.
The Louisiana locations are the 1,048-bed South Louisiana Correctional Center in Basile; 249-bed Caldwell Parish Detention Center in Grayson; 1,086-bed Pine Prairie Correctional Center in Pine Prairie; and 415-bed J. B. Evans Correctional Center in Newellton.
The Boca Raton, Florida-based Geo Group Inc. designs and runs correctional, detention and community re-entry sites around the world. With the LCS deal, it will own or manage 106 locations totaling about 85,500 beds. It hopes to complete the deal by the end of February.