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Gus Iversen, Editor in Chief | March 06, 2026
Select Medical Holdings Corp. has agreed to be acquired by a consortium that includes company leaders and private equity investor Welsh, Carson, Anderson & Stowe (WCAS), in a deal that would take the rehabilitation and critical illness care operator private.
Select Medical operates one of the largest networks of critical illness recovery hospitals, rehabilitation hospitals and outpatient rehabilitation clinics in the United States. As of December 31, 2025, the company reported 104 critical illness recovery hospitals, 38 rehabilitation hospitals and 1,917 outpatient rehabilitation clinics across 39 states and the District of Columbia.
The Mechanicsburg, Pennsylvania-based company said the group will purchase all outstanding shares not already held by the consortium for $16.50 per share in cash, valuing the transaction at roughly $3.9 billion in enterprise value.
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The buyer group is led by executive chairman and cofounder Robert A. Ortenzio, senior executive vice president of strategic finance and operations Martin F. Jackson, and WCAS. Ortenzio, Jackson and certain affiliates will roll over their existing equity into the surviving company rather than receive cash. Other members of management and the board may also be invited to participate in the equity rollover.
A special committee composed of independent directors reviewed the proposal and recommended the transaction. The company’s disinterested board members approved the merger agreement and plan to recommend that shareholders adopt it.
The $16.50 offer represents an 18% premium over the company’s unaffected share price on November 24, 2025 — the last trading day before Ortenzio publicly submitted his proposal — and a 25% premium over the company’s 90-day, volume-weighted average share price, ending that day.
Select Medical said the business will continue operating normally while the transaction is pending, and the current management team is expected to remain in place after closing.
Once completed, Select Medical will become a privately held company and its shares will be delisted from the New York Stock Exchange.
