CHARLOTTE, N.C. — Novant Health is backing out of its efforts to buy two Iredell County hospitals citing "continued roadblocks" from the Federal Trade Commission.
Novant previously announced that a federal judge had given it the green light to acquire Lake Norman Regional Medical Center in Mooresville and Statesville's Davis Regional Medical Center.
The company released a statement Tuesday, blaming the FTC for the deal not going through.
"Novant Health has worked tirelessly for more than a year to create a path forward for Lake Norman Regional Medical Center and Davis Regional Medical Center. 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. 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. The communities served by these facilities deserve better than the fate they’ve been dealt by the FTC so we will look for other ways to support patients and clinicians in these communities."
The FTC argued the $230 million acquisition would give Novant Health too much control of the health care market in the region and could potentially lead to higher prices and lesser care.
Novant Health currently owns several hospitals in the Charlotte area, including facilities in Charlotte, Huntersville, Matthews, Pineville and Salisbury.
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