M&A · Healthcare · Services-Hospitals
Consortium led by Robert A. Ortenzio to acquire Select Medical Holdings Corp
Announced Mar 2, 2026 · Closed Jul 1, 2026
Deal value$3.90BEV $3.90B
Premium18.0%To unaffected price
EV / Adj. EBITDA7.9x0.7x EV / Revenue
ConsiderationAll cash$16.50 per share
Transaction
- Acquirer
- Consortium led by Robert A. Ortenzio
- Target
- Select Medical Holdings Corp (SEM)
- Buyer type
- Private equity
- Offer price per share
- $16.50
- Enterprise value
- $3.90B
- Status
- Closed Jul 1, 2026
Deal protections
- Break fee (target pays)
- $66.5M · 1.7%
- Reverse fee (buyer pays)
- $133M · 3.4%
- Go-shop
- No-shop
- Financing
- Committed · JPMorgan, Wells Fargo, BofA Securities, Deutsche Bank, Truist Securities, RBC Capital Markets +1
Advisors
- To the acquirer
- Not disclosed
- To the target
- Goldman Sachs
Sector context · Healthcare
- Comparable deals
- 94 in the prior 24 months
- Premium
- 18.0% vs. 56.0% sector median
- EV / Adj. EBITDA
- 7.9x vs. 13.7x sector median
- Break fee
- 1.7% vs. 3.4% sector median
Timeline
- AnnouncedMar 2, 2026
- Proxy filedApr 15, 2026
- Definitive proxyMay 20, 2026
- Shareholder voteJun 26, 2026
- ClosedJul 1, 2026
Valuation · fairness opinions
Discounted cash flow$15.04$25.33
Other analysis$14.04$25.72
Precedent transactions$9.99$29.87
Premiums paid$15.69$24.80
Offer $16.50
Implied value per Select Medical Holdings Corp share by analysis, from Goldman Sachs · DCF discount rate 10%–12%.