HealthSouth Corp., a Birmingham, Ala.-based operator of inpatient rehabilitation hospitals, plans to spend $730 million to buy Richardson, Texas-based Reliant Hospital Partners.
A smaller peer, Reliant operates 11 inpatient rehabilitation hospitals in three states: Massachusetts, Ohio and Texas. HealthSouth will assume the leases on the 11 facilities. Reliant in 2014 generated $249 million in revenue and $82 million in adjusted earnings before taxes and other items. HealthSouth will spend cash and debt to fund the deal, which is expected to close later this year.