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Corrections Corp. closes Correctional Management acquisition

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Corrections Corp. closes Correctional Management acquisition

Corrections Corp.of America completed its acquisition of Correctional Management Inc.in a cash deal valued at roughly $35.0 million.

Correctional Management is a privately held community correctionscompany that operates seven facilities comprising 605 beds in Colorado.

The transaction includes the acquisition, from two entities affiliatedwith Correctional Management, of the real estate used in the operation of its business.

The company said April 11 that it used its revolving credit facilityto finance the deal, which closed April 7. The deal value excludes transaction-relatedexpenses.

Corrections Corp. will own 24 residential re-entry facilities,with a design capacity of 4,970 beds in six states, following the transaction.