Wackenhut's former joint venture partner in the United Kingdom, Serco Investments Ltd., bought the interest in Premier Custodial Group.
"We are pleased with the completion of the sale of our UK joint venture interest. This transaction provides WCC with an opportunity to pursue further growth," George C. Zoley, chairman and CEO of Wackenhut Corrections Corp., says in a statement. "We intend to use the net proceeds from the sale to make one or more acquisitions that would enable us to continue to grow and enhance our business."
Wackenhut delivers correctional and detention management, health and mental health services to local, state and federal government agencies worldwide
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