Select Medical completed $3.9 billion acquisition by Ortenzio, Jackson and WCAS consortium
Select Medical Holdings Corporation announced the completion on June 30, 2026 of its acquisition by an entity affiliated with a consortium led by Robert A. Ortenzio, Martin F. Jackson, and Welsh, Carson, Anderson & Stowe (WCAS). Each outstanding share was converted into the right to receive $16.50 in cash. The company's stock ceased trading on the NYSE effective July 1, 2026, and the company became a wholly-owned subsidiary of the acquiring entity; select management members, including Ortenzio and Jackson, retained rollover equity interests in the surviving company.
Key facts
- Merger Consideration: $16.50 per share, converting all outstanding company shares
- Aggregate purchase price: approximately $1.7 billion for all outstanding shares
- Acquisition Agreement dated: March 2, 2026
- Effective Time (merger consummation): June 30, 2026
- NYSE trading suspension and delisting: requested effective July 1, 2026
- Amendment No. 12 to Credit Agreement dated June 30, 2026 established $1,000,000,000 incremental term loan facility
- Consortium members: Robert A. Ortenzio (Executive Chairman, Co-Founder, Director), Martin F. Jackson (Senior Executive Vice President), and WCAS
- Equity contribution requirement: at least 25% of sum of equity contribution plus total indebtedness on amendment effective date
- Board changes at Effective Time: William H. Frist, Daniel J. Thomas, Katherine R. Davisson, Parvinderjit S. Khanuja, James S. Ely III, Thomas A. Scully, and Marilyn B. Tavenner ceased to be directors; Russell L. Carson, David S. Chernow, and Robert A. Ortenzio serve as directors
Why it matters
The transaction shifts Select Medical from a public company subject to SEC reporting requirements to a private company controlled by management and WCAS, with the company's securities delisted from the NYSE and its reporting obligations suspended upon Form 15 filing, fundamentally altering the shareholder base and governance structure.
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Derived from 8-K filed 2026-07-01. Not investment advice. View the source filing on SEC.gov →