Select Medical Holdings Corporation (NYSE: SEM) announced the completion of its acquisition by a consortium led by Executive Chairman Robert A. Ortenzio, Senior Executive Vice President Martin F. Jackson, and private equity firm Welsh, Carson, Anderson & Stowe (WCAS).

The transaction, valued at approximately $3.9 billion, was completed at $16.50 per share. That price represents an 18% premium over Select Medical's unaffected share price as of Nov. 24, 2025, the last trading day before Ortenzio submitted a proposal to the company's board, and a 25% premium over the stock's 90-day volume-weighted average closing price for the period ending on that date.

Select Medical filed a Certificate of Merger, with the acquisition becoming effective July 1, 2026. The company's common stock ceased trading and was delisted from the New York Stock Exchange on that date. The consortium holds a majority of the economic interest in the company.

Stockholders approved the transaction at a Special Meeting of Stockholders on June 26, 2026. Ortenzio, Jackson, and other current officers will continue in their respective roles following the closing.

J.P. Morgan and Wells Fargo served as joint lead arrangers and bookrunners for the debt financing. Goldman Sachs advised the Special Committee of independent directors, while Wells Fargo and J.P. Morgan advised the consortium. Barclays advised WCAS.

As of March 31, 2026, Select Medical operated 103 critical illness recovery hospitals, 41 rehabilitation hospitals, and 1,912 outpatient rehabilitation clinics across 38 states and the District of Columbia.