Select Medical’s $3.9 Billion Acquisition by Consortium Led by Robert A. Ortenzio, Martin F. Jackson and WCAS

On March 2, 2026, Select Medical Holdings Corporation (“Select Medical”) announced that it has entered into a definitive agreement pursuant to which an entity affiliated with a consortium led by Robert A. Ortenzio, Executive Chairman, Co-Founder and Director of Select Medical, Martin F. Jackson, Senior Executive Vice President of Strategic Finance and Operations of Select Medical, and Welsh, Carson, Anderson & Stowe (“WCAS” and, together with Mr. Ortenzio and Mr. Jackson, the “Consortium”) will acquire all of the outstanding shares of common stock of Select Medical not already owned by the Consortium for a price per share of $16.50 in cash, representing an enterprise value of $3.9 billion, on the terms and subject to the conditions set forth in the merger agreement. Cravath is representing the buyer consortium in connection with the transaction.

The Cravath team is led by partners Minh Van Ngo and Andrew M. Wark and includes associates Ori Oren and Hannah Gehringer on M&A matters; partners George E. Zobitz and Douglas Dolan and associate Emily E. Gust on financing matters; partners Ron Creamer and Arvind Ravichandran, associate Josh Banafsheha and foreign associate attorney Tim Wuerstlin on tax matters; partner Jonathan J. Katz and associates Anna Mikaelyan and H. Bianca Hsing on executive compensation and benefits matters; partner David J. Kappos and associates Sarah R. Brathwaite and Pierre Schlaefli on intellectual property matters; partner Margaret T. Segall on antitrust matters; partner Matthew Morreale and of counsel Annmarie M. Terraciano on environmental matters; and of counsel Joyce Law and practice area attorney Lauren Piechocki on real estate matters. Reva Bardhi also worked on M&A matters, W. X. Joanna Gaines-Zhang also worked on financing matters, Mikhail M. Grant also worked on intellectual property matters and Mohamed Camara also worked on antitrust matters.