The Oklahoma Department of Corrections plans to purchase the Lawton Correctional Facility and take over operations by July 25.
The facility is currently owned by the GEO Group and is the last privately run prison used by the state.
Once the purchase is approved by the Oklahoma Board of Corrections and finalized, ODOC will assume full responsibility for facility operations, staffing and programming.
"We look forward to bringing our high-quality operations, processes and compassionate environment to the Lawton facility," said ODOC Director Steven Harpe. "This change ensures consistency in standards, transparency and accountability across all ODOC institutions."
Previous reporting from Oklahoma Voice said the state plans to spend $312 million to acquire the prison. About $238 million will come from the Revenue Stabilization Fund, with the remaining $74 million from the General Revenue Fund, according to the nonprofit news outlet.
The Department says it will work with current staff and local partners to continue operations.