BIRMINGHAM, Ala., Oct. 24, 2012 /PRNewswire/ -- HealthSouth Corporation (NYSE: HLS) today announced it has executed a letter of intent to acquire Walton Rehabilitation Hospital, a 58-bed inpatient rehabilitation hospital owned by the Walton Rehabilitation Health System located in Augusta, Georgia. "Walton Rehabilitation Hospital has a long history of providing high-quality care. The purchase of Walton Rehabilitation Hospital by HealthSouth will uniquely position the hospital to continue its well known and respected legacy as a premier provider of physical rehabilitation long into the future," said Linda Wilder, president of HealthSouth's southeast region. "We are pleased to have the opportunity to retain the Walton Rehabilitation Hospital name and serve the Central Savannah River Area." "The result of combining a high-quality regional rehabilitation hospital with the resources of the nation's largest owner and operator of inpatient rehabilitation hospitals is a clear and focused commitment to preserve and extend access to Walton Rehabilitation Hospital's high standard of care for Augusta and the entire Central Savannah River Area," said Dennis Skelley, president and chief executive officer of Walton Rehabilitation Health System. "We are excited about how this decision will bring financial strength and advanced capabilities (including a fully integrated electronic medical record system) to Walton Rehabilitation Hospital in the years to come. The sale of the 58-bed inpatient rehabilitation hospital to HealthSouth allows Walton Foundation and Walton Community Services to focus on its mission of providing community health services, specifically independent and assisted living opportunities for persons with disabilities." "Although HealthSouth has rehabilitation hospitals in 27 states, including four that share a border with Georgia, we do not currently have a presence in the state of Georgia," said Wilder. "The acquisition of Walton Rehabilitation Hospital will allow HealthSouth to serve a new market, complement HealthSouth's existing network of rehabilitation hospitals, and be an important start to the continued growth of that network in Georgia." The transaction is subject to customary closing conditions as well as review by the Georgia Attorney General's office and the Georgia Department of Community Health. The parties are hopeful the transaction will be finalized during the first quarter of 2013. About Walton Walton Rehabilitation Health System is a Joint Commission Accredited provider of physical medicine and rehabilitation throughout the Central Savannah River Area. Services range from inpatient to outpatient programs to community re-entry, assisted living, pain management, and affordable housing opportunities for persons recovering from brain and spinal injuries, stroke, amputation and pain. Walton includes Walton Rehabilitation Hospital, Walton Outpatient Therapy Center, Walton Community Services, Walton Pain Center, Walton Behavioral Medicine Center, Walton Foundation for Independence and partners with Walton Options for Independent Living.