The proposed merger of UCHealth and Parkview Health System has stalled due to “regulatory matters,” according to financial documents filed this week.
Pueblo, Colorado-based Parkview said in the filing its pending combination with Aurora, Colo.-based UC Health would not close in mid-2023 as expected. Parkview did not provide a new timeline for the deal’s closure, saying it “remains committed to working through any regulatory hurdles,” but “can give no assurance when or if the transaction will be consummated.”
The health systems signed a letter of intent to merge in October, followed by the official agreement in January. UCHealth pledged to invest roughly $200 million in Parkview and the surrounding community, including a $5 million donation to the Parkview Foundation.
Representatives from UCHealth and Parkview did not immediately respond to requests for more information.
Leslie Barnes, president and CEO at Parkview, which operates the 350-bed Parkview Medical Center, previously cited financial strife as a big reason for seeking the combination with UCHealth. Four out of five patients at Parkview are covered by a government payer.
UCHealth has 12 hospitals and more than 150 clinics across Colorado, Nebraska and Wyoming.