Board of Select Medical Holdings Corporation agreed to Spin-Off Concentra Group Holdings, LLC on January 3, 2024. Select Medical?s stockholders will retain their current shares of Select Medical and also receive a pro rata distribution of Concentra stock. The completion of the potential separation is subject to customary conditions, including favorable market conditions, completion of the necessary financing transactions, receipt of a private letter ruling and tax opinion, and final approval by the Select Medical board of directors.

The potential separation is intended to be effected in a tax-free manner to Select Medical and its stockholders and be completed in late 2024. JPMorgan Chase & Co. acted as a financial advisor, and Dechert LLP acted as a legal advisor to Select Medical Holdings Corporation (NYSE:SEM).