HealthSouth Corp. (NYSE: HLS) is buying Reliant Hospital Partners for $730 million.
Reliant operates 11 inpatient rehabilitation hospitals in Texas, Massachusetts and Ohio, plus three satellite locations in Massachusetts.
HealthSouth, headquartered in Birmingham, Alabama, provides post-acute health care service including facility-based and home-based health care, in 33 states and Puerto Rico. The company operates inpatient rehab centers, home health agencies and hospice groups. In November, the company paid $750 million for Encompass Home Health and Hospice.
Wells Fargo Securities LLC was HealthSouth's financial adviser, and Skadden Arps Slate Meagher & Flom LLP provided legal advice.
There have been several other rehabilitation deals recently. In January, Revelstoke Capital Partners closed an investment in rehabilitation center-owner Crossroads Holding LLC. Kindred Healthcare Inc. (NYSE: KND), in November, agreed to pay $195 million for inpatient rehabilitation business Centerre Healthcare Corp.