BOCA RATON, Fla. (AP) _ Prison operator Geo Group Inc. said Friday it bought electronic monitoring services provider Behavioral Interventions Inc. for $415 million.
The company announced the buyout in December. Geo expects the acquisition will have a neutral impact on 2011 financial results and boost 2012 financial results.
Behavioral Interventions' monitoring service tracks more than 60,000 offenders for about 900 federal, state and local correctional agencies in all 50 states.
Geo said that it expects the acquisition to result in annual cost savings of $3 million to $5 million. The deal is also anticipated to boost Geo's total annual revenue by about $115 million, bringing it to more than $1.6 billion in 2011.
The buyout is expected to be neutral to 2011 earnings and add to earnings beginning in 2012.
Geo manages or owns about 81,000 beds at 118 correctional, detention and residential treatment facilities.
Shares of Geo Group rose 8 cents to $24.35 in afternoon trading.