Target Hospitality gains after revived deal with CoreCivic on Texas detention center
Target Hospitality's TH.O shares up 6.9% at $5.92 on Thurs after inking new agreement with CoreCivic Inc CXW.N on reactivation of immigrant detention center in Texas
Woodlands, Texas firm early Thurs said it entered 5-yr lease and services agreement with private prison operator CXW to resume operations in Dilley
Contract expected to provide at least $246 mln of rev over anticipated 5-yr term, TH said, of which ~$30 mln expected to be realized this year
Similar to previous deal with CXW, the Dilley contract includes fixed minimum rev regardless of occupancy, TH said
CXW shares last up nearly 4% on Thurs after news the U.S. Immigration and Customs Enforcement (ICE) to reopen the South Texas Family Residential Center (STFRC)
On Feb 24, TH shares tumbled 46% after U.S. government terminated Pecos Children's Center services contract, prompting co to withdraw preliminary 2025 outlook
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