Serco Group plc (Serco), the international service company, has been named Preferred Bidder to operate the New Grafton Correctional Centre (NGCC) in New South Wales, Australia.
Serco is part of the NorthernPathways consortium which will design, build and operate NGCC in a Public Private Partnership for the NSW Government. When completed, NGCC will be the largest correctional facility in Australia.
Serco’s contract for operation is expected to commence in 2020. The estimated total contract value to Serco over a 20-year term is approximately AUD2.6bn (equivalent to approximately £1.6bn, based upon the current exchange rate of 1 GBP = 1.60 AUD).
The consortium will now enter into final contract negotiations and a further announcement will be made at the appropriate time.
This announcement contains inside information.