Healthcare DIVE June 20, 2024
Novant abandoned its merger plans after an appellate court granted federal regulators more time to challenge the deal.
Novant Health called off its plans to acquire two struggling North Carolina-based hospitals from Community Health Systems on Tuesday, after an appellate court granted federal regulators more time to challenge the deal.
It’s an abrupt end for the proposed $320 million deal, which previously seemed days away from closing.
The Federal Trade Commission, which sued to block the deal in January, argued the sale would harm competition and drive up prices in the Greater Lake Norman, North Carolina area. A district court didn’t agree and ruled twice in Novant’s favor, arguing the CHS-owned hospitals — Lake Norman Regional Medical Center and Davis...
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