Select Medical Holdings Corporation Acquired by Consortium Led by Robert A. Ortenzio, Martin F. Jackson, and WCAS

About this update from Select Medical Holdings Corporation

MECHANICSBURG, Pa., June 30, 2026 /PRNewswire/ -- Select Medical Holdings Corporation (the "Company" or "Select Medical," "we," "us," or "our") (NYSE: SEM) today announced the completion of its acquisition by an entity affiliated with a consortium led by Robert A. Ortenzio, Executive Chairman, Co-Founder and Director of Select Medical, Martin F. Jackson, Senior Executive Vice President of Strategic Finance and Operations of Select Medical, and Welsh, Carson, Anderson & Stowe ("WCAS" and, together with Mr. Ortenzio and Mr. Jackson, the "Consortium") pursuant to the terms of the Agreement and Plan of Merger, dated as of March 2, 2026 (the "Merger Agreement"). The previously announced purchase price of $16.50 per share represents a premium of approximately 18% over Select Medical's unaffected share price as of November 24, 2025, the last trading day prior to a publicly disclosed proposal being submitted by Mr. Ortenzio to the Company's Board of Directors, and a premium of approximately 25% over Select Medical's 90-day volume-weighted average closing share price for the period ending on that date, and values the Company at approximately $3.9 billion. The Company filed a Certificate of Merger, pursuant to which the acquisition will become effective as of July 1, 2026 at 12:01 am. With the completion of the acquisition, Select Medical's common stock will cease trading and Select Medical will no longer be listed on the New York Stock Exchange as of July 1, 2026. The Consortium maintains effective and operational control of the Company and its subsidiaries and now has a majority of the economic interest in the Company. Select Medical's current officers, including Mr. Ortenzio and Mr. Jackson, will continue to lead the business in their respective roles following the closing. Select Medical's stockholders, including the unaffiliated stockholders, voted to approve the transaction at our Special Meeting of Stockholders on June 26, 2026. Advisors J.P. Morgan and Wells Fargo are serving as joint lead arrangers and joint lead bookrunners in connection with the committed debt financing of the Consortium. Goldman Sachs is serving as the exclusive financial advisor, and Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel to the Special Committee of disinterested and independent directors of the Board of Directors of the Company. Dechert LLP is ser...

View stock analysis, news, and events for Select Medical Holdings Corporation