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.
