PR Newswire
MECHANICSBURG, Pa., Jan. 25, 2016
MECHANICSBURG, Pa., Jan. 25, 2016 /PRNewswire/ -- Select Medical Holdings Corporation (NYSE: SEM) today announced that its wholly-owned subsidiary, Select Medical Corporation ("Select"), has entered into a Merger Agreement to acquire Physiotherapy Associates Holdings, Inc. for $400.0 million in cash, subject to certain adjustments in accordance with the terms set forth in the Merger Agreement. The transaction, which is expected to close in the first or second quarter of 2016, is subject to a number of closing conditions, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. Houlihan Lokey acted as financial advisor to Physiotherapy.
Physiotherapy is a national provider of outpatient physical rehabilitation care offering a wide range of services, including general orthopedics, spinal care and neurological rehabilitation, as well as orthotics and prosthetics services. Physiotherapy operates more than 500 medical facilities nationwide. Information about Physiotherapy is available at http://myphysio.com/.
Select is one of the largest operators of specialty hospitals and outpatient rehabilitation clinics in the United States based on number of facilities. On June 1, 2015, a joint venture created by Select and WCAS consummated the acquisition of Concentra, which provides occupational health, consumer health, physical therapy, and veteran's healthcare services throughout the United States. As of September 30, 2015, Select operated 110 long term acute care hospitals and 17 acute medical rehabilitation hospitals in 28 states, and 1,033 outpatient rehabilitation clinics in 31 states and the District of Columbia. Select's contract therapy business provides medical rehabilitation services on a contracted basis to nursing homes, hospitals, assisted living and senior care centers, schools, and work sites. Concentra operated 300 centers in 38 states. Concentra also provides contract services at employer worksites and Department of Veterans Affairs community-based outpatient clinics. Select had operations in 46 states and the District of Columbia. Information about Select is available at www.selectmedical.com.
Certain statements contained herein that are not descriptions of historical facts are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements due to factors including the following:
Investor inquiries:
Joel T. Veit
Senior Vice President and Treasurer
717-972-1100
[email protected]
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/select-medical-holdings-corporation-announces-signing-of-a-definitive-agreement-to-acquire-physiotherapy-associates-holdings-inc-300208689.html
SOURCE Select Medical Holdings Corporation
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