GEO rises on $950 mln sale of ICE facility, expanded stock buyback

** Shares of prison operator GEO Group GEO.N rise 4.8% to $32.9 premarket

** Co to sell its Adelanto, California ICE processing center complex for $950 million

** GEO expects net proceeds of about $705 million from the sale, after taxes, fees and other expenses

** Plans to use proceeds and future cash flow to reduce debt and repurchase shares

** Board increases share repurchase authorization by $750 million to $1.25 billion

** Stock had gained 94.5% YTD through its last close