LifeCare Holdings entered into a definitive agreement to buy eight long-term acute-care facilities from HealthSouth Corp. for about $120 million.
LifeCare Holdings to buy eight long-term hospitals from HealthSouth
The facilities are in Houston; Las Vegas; Sarasota, Fla.; the Louisiana communities of Farmerville, Homer and Ruston; and the Pennsylvania towns of Mechanicsburg and Monroeville. LifeCare, Plano, Texas, has operations in four of the five states involved in the deal, according to a LifeCare news release.
Though the facilities were operated by HealthSouth as six hospitals with two of them classified as satellites, a spokeswoman for LifeCare said the company plans to run the facilities as eight separate hospitals.
The deal would give LifeCare a total of 28 LTAC hospitals in 10 states. For Birmingham, Ala.-based HealthSouth, it reinforces the company's strategy of focusing on inpatient rehabilitation hospitals, according to a news release.
Both companies said in statements that they expect the deal to close in the third quarter of this year, subject to customary closing conditions and regulatory approval.
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