MECHANICSBURG, PA-Locally based Select Medical Corp. signs a definitive agreement to acquire the stock of West Orange, NJ-based Kessler Rehabilitation Corp. from Henry H. Kessler Foundation Inc. for approximately $230 million in cash, less assumed debt. With this purchase, Select adds six hospitals to its existing portfolio of 75, and 92 outpatient clinics to its current roster of 739 throughout North America.

Privately held Kessler is a leading provider of physical medicine and rehabilitation services. Its real estate realm includes four rehabilitation hospitals in NJ; a rehab hospital joint venture in MD; a 198-bed, long-term care facility in Cedar Grove, NJ, and 92 outpatient rehabilitation clinics in 10, primarily Eastern, states.

Beyond real estate, Kessler provides occupational therapy and injury prevention services directly to workplaces through its ArgosyHealth subsidiary. In addition, another subsidiary, Kessler Wilpage Medical, is a supplier of rehabilitation products and medical equipment.

Select is a leading operator of long-term, acute-care hospitals in the U.S. It operates 24 specialty acute care hospitals in 24 states and approximately 739 outpatient rehabilitation clinics in the U.S. and Canada. It is a public company and trades under SEM on the NYSE.

Kessler’s 2002 net revenues were approximately $228 million. Select’s 2002 revenues were in excess of $1.1 billion. The acquisition, subject to regulatory approvals, is expected to close in third quarter this year.

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