LifeCare Holdings to Acquire HealthSouth Corporation's Long Term Acute Care Hospitals for $120M

LifeCare Holdings, Inc. has entered into a definitive agreement to acquire all of HealthSouth Corporation's HLS long term acute care hospitals, totaling 414 licensed beds in five states. The facilities are located in Sarasota, FL; the Louisiana communities of Farmerville, Homer, and Ruston; Las Vegas, NV; Mechanicsburg and Monroeville, PA; and Houston, TX. The transaction is subject to customary closing conditions, including regulatory approval and third party consents, and is expected to close in the third quarter. The total consideration that HealthSouth will receive at closing will be $120 million, less the value of any working capital not being acquired by LifeCare.