Select Medical Corp., Mechanicsburg, Pa., signed a definitive agreement to buy fellow long-term, acute-care operator SemperCare, Plano, Texas, for about $100 million. The deal is expected to close in the first quarter, subject to customary closing conditions and regulatory approvals. Select Medical calls itself the long-term, acute-care segment leader with 82 such facilities and also operates about 750 outpatient rehabilitation clinics. SemperCare has 17 long-term, acute-care hospitals, which would make it about the third-largest, for-profit long-term, acute-care company by number of facilities, based on 2002 industry data from Jefferies & Co.
SemperCare founders Robert Lefton and Gary Kagan, who serve as chief executive officer and vice president of development, respectively, will remain with the company. Select Medical recently announced plans to go private in a $2.3 billion deal with Welsh, Carson, Anderson & Stowe, also scheduled to close in the first quarter. -- by Joseph Mantone