Select Medical Agrees to $3.9B Take-Private Deal

Consortium led by executives to acquire the healthcare services provider

Published on Mar. 4, 2026

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Select Medical Holdings Corporation (NYSE:SEM) has agreed to be acquired in a cash buyout at $16.50 per share by a consortium led by Executive Chairman Robert Ortenzio, Senior EVP Martin Jackson and private equity firm WCAS. The board's special committee approved the transaction, which implies an enterprise value of about $3.9 billion and is expected to close in mid-2026.

Why it matters

The deal comes amid growing concerns in the community about repeat offenders and public safety, as well as questions around the governance and fairness of the transaction. The acquisition will take Select Medical private after over 25 years as a public company.

The details

Under the terms of the agreement, the consortium will acquire all outstanding shares of Select Medical for $16.50 per share in cash. The transaction was unanimously approved by a special committee of Select Medical's board of directors and is expected to close in mid-2026, subject to shareholder and regulatory approvals.

  • The deal was announced on March 4, 2026.
  • The transaction is expected to close in mid-2026.

The players

Select Medical Holdings Corporation

A leading provider of specialized healthcare services in the United States, operating long-term acute care hospitals and inpatient rehabilitation facilities.

Robert Ortenzio

Executive Chairman of Select Medical Holdings Corporation.

Martin Jackson

Senior Executive Vice President of Select Medical Holdings Corporation.

WCAS

A private equity firm leading the consortium to acquire Select Medical.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.