Post-acute healthcare service provider HealthSouth Corp. said it will acquire Reliant Hospital Partners, a manager of 11 inpatient rehabilitation hospitals, for $730 million.
In total, Reliant facilities manage 902 beds across Texas, Massachusetts and Ohio.
HealthSouth said it expects to reap a $150 million tax benefit from the deal, which is expected to close in 2015. It will take over all lease obligations from Reliant, worth about $210 million, when the deal closes.
According to the companies, Reliant earned $82 million in 2014 on about $249 million in revenue.
"Reliant's portfolio of high-quality inpatient rehabilitation hospitals complements our networks in the highly competitive Houston, Dallas-Fort Worth and Austin markets while providing entry into new markets in Abilene, Texas; Dayton, Ohio; and the greater Boston metropolitan area," HealthSouth CEO Jay Grinney said in a statement.
HealthSouth, which trades on the New York Stock Exchange, earned $222 million in 2014 on $2.4 billion in revenue.