CoreCivic has entered into a definitive agreement to acquire the Farmville Detention Center, a 736-bed facility in Farmville, Virginia, for a total purchase price of $67.0 million. The acquisition is expected to close effective July 1, 2025, and will be funded with cash on hand and borrowing capacity under CoreCivic's revolving bank credit facility.
The Farmville Detention Center provides transportation, care, and civil detention services to adult male noncitizens through an Intergovernmental Service Agreement (IGSA) with Prince Edward County, Virginia, and U.S. Immigration & Customs Enforcement (ICE), which expires in March 2029.
This strategic acquisition is anticipated to generate approximately $40.0 million in total annual incremental revenue for CoreCivic. The expansion of immigration solutions with this critical location aligns with the company's strategy to meet the expected continued demand from ICE.
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