The Federal Trade Commission has cleared the sale of a MedCath Corp. heart hospital in New Mexico from antitrust scrutiny, according to an FTC announcement (PDF).
FTC clears MedCath sale of N.M. hospital
MedCath, Charlotte, N.C., announced earlier this month that it had agreed to sell 55-bed Heart Hospital of New Mexico, located in Albuquerque, to Nashville-based Ardent Health Services. Ardent, which owns and operates Lovelace Health System in Albuquerque, plans to combine the heart hospital with its 162-bed Lovelace Medical Center. The deal values the heart hospital at $119 million; MedCath owned nearly a 75% interest in the hospital and should clear net proceeds of $62 million.
MedCath also has a deal pending to sell its 112-bed Arkansas Heart Hospital, Little Rock, to one of its physician partners in the hospital. (The physician is giving up his license and the practice of medicine.) The company has asked shareholders to approve the two deals and authorize the dissolving of the company as it sells off its assets. Completing these two deals would leave the company with stakes in four hospitals.
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