Hospital operator HealthSouth Corp bought the owner of Encompass Home Health and Hospice, the latest deal in an industry that looks poised to grow as the U.S. population ages.HealthSouth, whose shares were up 3.8 percent at $39.72 in afternoon trading on Monday, said it was looking for further acquisitions in the fragmented sector.The company bought Encompass' owner, EHHI Holdings Inc, for about $750 million from healthcare-focused private investment firm Cressey & Co LP, expanding its home health business by adding 140 locations across 13 U.S. states.Federal budget spending cuts and lower Medicare insurance reimbursement rates in the home healthcare sector are also boosting consolidation in the industry.
HealthSouth Corporation (HealthSouth), is an owner and operator of inpatient rehabilitation hospitals. Shares of HLS traded higher by 3.82% or $1.46/share to $39.71. In the past year, the shares have traded as low as $29.82 and as high as $42.41. On average, 425968 shares of HLS exchange hands on a given day and today's volume is recorded at 407162.
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