Select Medical completes spin-off of Concentra, distributing 104M shares worth $2.3B

SELECT MEDICAL HOLDINGS CORP

104,093,503 shares of Concentra (81.7% stake) distributed to Select stockholders as of Nov 18 record date.
Stockholders received 0.806971 Concentra shares per Select share; cash in lieu of fractional shares.
Aggregate market value of distributed shares ~$2.3B based on $22.13 closing price on Nov 25, 2024.
Pro forma financials reflect separation; planned $550M 6.250% notes due 2032 and $1.05B term loan to repay debt.
After distribution, Select Medical holds no shares of Concentra common stock.

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