CoreCivic Divests 2 California Detention Facilities for $1.5 Billion

CoreCivic (CXW) completed the sale of two California detention facilities to the US Department of Homeland Security for about $1.5 billion, the company said Monday. The company expects net proceeds of about $1.1 billion, which it plans to use for debt repayment and general corporate purposes, including potential share repurchases and acquisitions, it said. CoreCivic expects to continue managing both facilities under existing Immigration & Customs Enforcement contracts, subject to potential revisions, the company added. Price: $30.79, Change: $-0.25, Percent Change: -0.79%