FastMed Urgent Care and NextCare are halting their plans to merge.
The two urgent care companies reached a definitive agreement for FastMed to purchase NextCare in December 2018. The transaction has been pending regulatory approval from the U.S. Federal Trade Commission.
“We are disappointed to not move forward with this merger, but we are confident that this is the right decision for FastMed, as well as for our employees, patients and other key stakeholders” said FastMed Chief Executive Officer Web Golinkin.
“The regulatory review process has taken much longer than expected, with no end in sight. Under these circumstances, FastMed and NextCare mutually determined that it was in their best interests to terminate the merger agreement in order to avoid further uncertainty and maintain focus on the continued growth of their respective companies.”
Under the terms of the definitive agreement, Urgent Care Holdings of America LLC, d.b.a. FastMed Urgent Care, planned to acquire 100% of NextCare Holdings Inc. The transaction was expected to close within 60 days following regulatory approvals and other customary closing conditions. The definitive agreement expired on April 12 and the companies have opted not to extend them further.
FastMed is located at 415 N. Val Vista Drive (at University Drive), Suite 101, Mesa, fastmed.com; while NextCare has two area facilities: 1066 N. Power Road (at Brown Road), Suite 101, Mesa; and 535 E. McKellips Road (at Mesa Drive), Suite 101, Mesa, nextcare.com.