Saint Francis hospital sale to Methodist is cancelled - Methodist cites FTC lawsuit as reason
Saint Francis Healthcare announced Wednesday that the proposed sale of its two Memphis hospitals to hospital group Methodist Le Bonheur Healthcare is not happening. The move follows a November lawsuit by the Federal Trade Commission to block the sale, and Methodist cited it as the reason for the cancellation.
The federal agency argued the two hospital groups are competitors and that a combination would hurt consumers.
The federal agency was joined by the Tennessee Attorney General’s Office in opposing the move.
Methodist released a statement on Wednesday from CEO Michael Ugwueke.
"With the Federal Trade Commission’s recent decision to ask a court to block the sale of the transaction, we would prefer to focus on continuing our commitment to provide compassionate and high quality care to patients rather than costly and protracted litigation that would have lasted at least 18 months and distracted from our core mission," the statement said.
Read more: https://www.commercialappeal.com/story/news/health/2020/12/23/saint-francis-hospital-sale-memphis-methodist-le-bonheur-canceled/4023986001/
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