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.