Just two weeks ago, it appeared Novant Health was on the precipice of finalizing a deal to acquire two hospitals north of Charlotte, even though federal antitrust regulators, North Carolina officials, and economists were worried the deal would give Novant near-monopoly power in the region.
But Novant, a nonprofit hospital system with $8 billion of revenue, decided to call off the deal mere hours after a federal court of appeals temporarily prevented Novant from buying the hospitals until the Federal Trade Commission could file an appeal.
“Despite our vision to restore services the area has lost and deliver high-quality, remarkable care, we have been met with opposition from the Federal Trade Commission at every step,” Novant said in a statement. “We are steadfast in our belief that these facilities and their patients would have greatly benefited from joining Novant Health, but with the FTC’s continued roadblocks we do not see a way to finalize this transaction.”
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