- Select Medical Corp. will pay $400 million in cash to acquire Physiotherapy Associates Holdings, parent company Select Medical Holdings announced.
- Physiotherapy provides outpatient physical rehabilitation services nationwide via more than 500 facilities.
- The deal follows last year’s acquisition of Concentra, which also is active in the physical rehab space.
Select is one of the largest operators of specialty hospitals and outpatient rehabilitation centers in the U.S. and the purchase of Physiotherapy promises to increase that foothold.
As of last September, the Mechanicsburg, PA-based firm operated 110 long-term acute care hospitals and 17 acute medical rehabilitation hospitals in 28 states, and 1,033 outpatient rehab clinics in 31 states and the District of Columbia.
Concentra, previously owned by Humana, operates 300 facilities in 38 states, according to Select. The chain provides occupational health, consumer health, and physical therapy as well as healthcare services for veterans.
Pending government antitrust clearances, the deal is expected to close by Q2, the company said.