Select Medical HSR Antitrust Waiting Period Expires Ahead of Mid-2026 Merger
Select Medical’s Hart-Scott-Rodino waiting period for its acquisition by a WCAS XIV consortium expired at 11:59 p.m. ET on April 27, 2026. The merger, expected to close mid-2026 pending stockholder approval and customary conditions, follows operations of 103 critical recovery hospitals, 41 rehabilitation hospitals and 1,912 outpatient clinics nationwide.
1. HSR Waiting Period Expiry
On April 27, 2026 at 11:59 p.m. Eastern Time, the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act expired for WCAS XIV’s proposed acquisition of Select Medical. This expiration removes the final antitrust regulatory hurdle, clearing the way for the merger to proceed.
2. Merger Timeline and Conditions
The merger is expected to close in mid-2026, subject to Select Medical stockholders approving a majority of shares not held by the consortium and satisfaction of customary closing conditions. Finalization will require shareholder vote and completion of all remaining contractual obligations.
3. Select Medical’s Operational Footprint
As of March 31, 2026, Select Medical operates 103 critical illness recovery hospitals in 28 states, 41 rehabilitation hospitals in 15 states, and 1,912 outpatient rehabilitation clinics in 37 states and the District of Columbia. Overall presence spans 38 states and the District of Columbia.
4. Consortium Leadership and Financing
The acquisition is led by WCAS XIV, L.P., an investment fund affiliated with Welsh, Carson, Anderson & Stowe, alongside Executive Chairman Robert A. Ortenzio and Senior Executive Vice President Martin F. Jackson. WCAS has managed funds totaling over $33 billion of committed capital since its founding.