Select Medical Holdings, Mechanicsburg, Pennsylvania, announced on January 25 that its wholly owned subsidiary, Select Medical Corporation, has entered into a merger agreement to acquire Physiotherapy Associates Holdings, Exton, Pennsylvania, for $400 million in cash, subject to certain adjustments stipulated 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.
Physiotherapy operates more than 500 medical facilities, including Physio O&P clinics, nationwide. 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. It co-owns Concentra, headquartered in Addison, Texas, through a 2015 joint venture acquisition.
