HealthSouth Corp said it would purchase a private rehabilitation hospital operator for $730 million in cash to take its post-acute care business into new markets.The company's shares rose as much as 10 percent in morning trading on the New York Stock Exchange on Thursday.The acquisition of Reliant Hospital Partners will strengthen HealthSouth's position in the Houston, Dallas-Fort Worth and Austin, Texas markets, while giving it new locations in Abilene, Texas; Dayton, Ohio; and the Boston area. Reliant, with a total of 902 beds, operates 11 in-patient rehabilitation hospitals and three in-patient satellite locations.
HealthSouth Corporation is an owner and operator of inpatient rehabilitation hospitals. Shares of HLS traded higher by 7.58% or $3.28/share to $46.57. In the past year, the shares have traded as low as $34.76 and as high as $47.96. On average, 689616 shares of HLS exchange hands on a given day and today's volume is recorded at 1307557.