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GEO Group closes on $40M Just Care purchase

GEO Group Inc., which provides correctional, detention and mental health services, said it has completed the previously announced purchase of a detention health care provider for about $40 million.
/ Source: The Associated Press

GEO Group Inc., which provides correctional, detention and mental health services, said it has completed the previously announced purchase of a detention health care provider for about $40 million.

GEO Care Inc., based in Boca Raton, Fla., bought Just Care Inc., which manages the 354-bed Columbia Regional Care Center in Columbia, S.C.

The Columbia center houses medical and mental health residents for the states of South Carolina and Georgia and special needs detainees in the custody of the U.S. Marshals Service and U.S. Immigration and Customs Enforcement.

The acquisition of Just Care is expected to add about $30 million in annual revenue to GEO Care's operations and profit of about 4 cents per share on an annualized basis, GEO Group said.

Shares fell 27 cents to $19.90 in afternoon trading.