PHOENIX, April 12, 2019 (GLOBE NEWSWIRE) -- FastMed Urgent Care and NextCare Holdings, Inc. today announced that the companies are halting their plans to merge. The two urgent care leaders 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 (FTC).
“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 expires on April 12, 2019, and the companies have opted not to extend them further.
About FastMed
FastMed Urgent Care owns and operates 110 clinics in North Carolina, Arizona and Texas, providing a broad range of acute/episodic and preventive healthcare services 365 days per year. FastMed also provides workers’ comp and other occupational health services at all of its clinics, and family medicine, sports medicine, and telemedicine services at select locations. FastMed has successfully treated nearly six million patients since opening its first clinic in 2005, and is the largest urgent care operator to be awarded the Joint Commission Gold Seal of Approval® for accreditation in healthcare quality and safety in ambulatory healthcare. For more information about locations, services, hours of operation, insurance and prices, visit www.FastMed.com.
About NextCare
NextCare Holdings, Inc. is one of the nation’s largest providers of urgent care and occupational medical services, with an emphasis on customer service to ensure patients experience the highest level of care. NextCare Holdings operates 141 urgent care facilities in Arizona, Colorado, Kansas, Missouri, New Mexico, North Carolina, Oklahoma, Texas, Virginia and Wyoming. For more information, please visit www.NextCare.com or call 888-381-4858. For the latest news, follow NextCare on Twitter (@NextCare) and Facebook.
Media Contacts:
Minh Le
Finn Partners
(615) 525-0284
minh.le@finnpartners.com
Tremaine Jasper
NextCare Holdings
(480) 455-4939
tremainejasper@nextcare.com