HealthSouth Corporation Agrees to Sell its Six Long-Term Acute Care Hospitals for Approximately $120 Million

HealthSouth Corporation HLS today announced it has entered into a definitive agreement to sell its six long-term acute care hospitals to LifeCare Holdings, Inc. for approximately $120 million.  The transaction is expected to be completed in the third quarter of 2011 and is subject to customary closing conditions, including regulatory approval and third party consents. "The sale of these six long-term acute care hospitals to LifeCare reinforces HealthSouth's strategic focus on its 97 core, inpatient rehabilitation hospitals," said HealthSouth President and Chief Executive Officer Jay Grinney. "We want to recognize and thank our highly-skilled employees at these hospitals for their years of service and wish them the best under LifeCare's leadership."