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BIRMINGHAM, Ala. (AP) - Rehabilitation chain HealthSouth Corp. said Monday it has agreed to sell its surgery division for about $920 million in cash plus a stake in the surgery business, its second major divestiture this year as it restructures after a major financial scandal. Its shares climbed more than 7 percent in premarket trading.
The sale to TPG, a private equity firm, includes an equity stake in a newly formed company that will operate the surgery business. HealthSouth estimates the equity interest will be worth between $25 million and $30 million in five years, pushing its estimate of the value of the deal to $945 million.
In January, HealthSouth agreed to sell about 600 outpatient rehabilitation centers to Select Medical Corp. for $245 million.
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