This extraction is drawn from Select Medical's 8-K press release exhibit announcing deal completion, filed with the SEC on July 1, 2026. Because the buying group included company insiders (Ortenzio and Jackson) alongside the sponsor, the Company's Board of Directors formed a Special Committee of disinterested, independent directors to evaluate the transaction, and stockholders including unaffiliated holders voted to approve it at a June 26, 2026 special meeting.
Barclays served as financial advisor to WCAS, the private equity sponsor in the consortium, alongside legal counsel Ropes & Gray LLP. On the other sides of the transaction, Goldman Sachs served as exclusive financial advisor to the Special Committee of independent directors, and Wells Fargo and J.P. Morgan served as financial advisors to the broader Consortium (with J.P. Morgan and Wells Fargo also acting as joint lead arrangers and bookrunners on the committed debt financing).
Legal counsel included Skadden, Arps, Slate, Meagher & Flom LLP for the Special Committee, Dechert LLP for Select Medical itself, Cravath, Swaine & Moore LLP for the Consortium, and Paul Hastings LLP for the debt financing sources, in addition to Ropes & Gray LLP representing WCAS.
Upon closing, the Consortium obtained effective and operational control along with a majority economic interest in Select Medical, and the company's common stock ceased trading on the New York Stock Exchange. Existing management, including Ortenzio and Jackson, was to continue leading the business in their current roles.
The press release does not disclose the specific allocation of debt versus equity financing within the $3.9 billion transaction value, the individual fees paid to Barclays or any other advisor, or the precise ownership split among Ortenzio, Jackson, and WCAS within the Consortium following closing.