Rehabilitation services company RehabCare Group Inc. said Tuesday it completed its $570 million acquisition of Triumph Healthcare, a long-term acute care hospital operator.
The purchase was announced in early November, and RehabCare said the acquisition makes it the fourth largest post-acute hospital operator and third largest long-term acute care hospital provider in the U.S. Triumph is based in Houston, and runs 20 hospitals in seven states, with two more expected to open in early 2010.
The combined company manages rehabilitation programs through partnerships with about 1,250 hospitals and nursing facilities in 41 states, and it owns and runs 33 rehabilitation and long-term hospitals.
RehabCare shares rose 40 cents to close at $28.35.