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The GEO Group, Inc. Message Board

  • fullcount_1999 fullcount_1999 Dec 22, 1999 4:46 PM Flag

    Doc is gone - should help industry

    Prison Realty Set to Sell $300 Mln Stake to
    Blackstone Group

    Prison Realty Set to Sell $300 Mln
    Stake to Blackstone Group
    Nashville, Tennessee,
    Dec. 22 (Bloomberg) -- Prison Realty
    Trust Inc.,
    the largest private owner of prisons in the U.S.,
    is
    expected to announce as soon as next week that it agreed
    to sell
    a stake worth at least $300 million to
    investment bank Blackstone
    Group Inc. and Fortress
    Investment Group, said people familiar
    with the
    situation.

    As part of the agreement, industry
    pioneer Doctor Crants and
    other management will step
    down from day-to-day management of the
    company, the
    people said.

    Prison Realty's shares are down 86
    percent since 1997 amid
    an ill-fated plan to turn
    itself into a real estate investment
    trust, several
    high-profile escapes at its prisons and increased
    payments
    needed to keep afloat the affiliated company that
    runs
    its prisons and is owned by senior officials. The
    company said
    last month it was looking for an
    investor.

    Formerly known as Corrections Corp. of
    America, Prison
    Realty owns 51 prisons in 18 states,
    the District of Columbia and
    the U.K. It leases
    the prisons to an affiliated company owned in
    part
    by senior management.

    Company officials
    declined to comment.
    NYSE/AMEX delayed 20 min. NASDAQ
    delayed 15 min.


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