Thursday, November 27, 2014
Inquirer Daily News

PA hospital chain buys rival

Select Medical, based in central PA, to pay $210 million in cash and debt for Georgia-based Regency Hospital Corp. in merger of long-term care chains

PA hospital chain buys rival

Select Medical Holdings Corp., a Mechanicsburg chain of "long-term acute care hospitals" that went public last year, says it has agreed to pay around $210 million in cash and assumed debt to Chicago-based Waud Capital Partners to buy  Alpharetta, Georgia-based Regency Hospital Corp., a smaller, profitable chain that operates similar facilities.

Regency runs 23 facilities in nine states. The deal would boost Select's total to 112 hospitals in 28 states. Closing is scheduled for this fall. Philadelphia lawyer Steven Leitzell and his colleagues at Dechert LLP represented Select Medical.

Joseph N. DiStefano
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PhillyDeals posts raw drafts and updates of Joseph N. DiStefano's columns and stories about Philly-area finance, investment, commercial real estate, tech, hiring and public spending, which he's been writing since 1989, mostly for the Philadelphia Inquirer.

DiStefano studied economics, history and a little engineering at Penn, taught writing at St. Joe's, and has written the book Comcasted, more than a thousand columns, and thousands of articles, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

Joseph N. DiStefano
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