Monday, February 8, 2016

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

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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.

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PhillyDeals posts interviews, drafts and updates that Joseph N. DiStefano writes alongside his Sunday and Monday columns and ongoing articles about Philadelphia-area business.

DiStefano studied economics, history and a little engineering at Penn. He taught writing and research at St. Joe’s. He has written for the Inquirer since 1989, except when he left a few times to work at Bloomberg and elsewhere. He wrote the book Comcasted, and raised six kids with his wife, who is a saint.

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