Healthcare

MBF backs out of Universal deal

 

jdorschner@MiamiHerald.com

MBF Healthcare Partners, the Coral Gables investment firm, issued a terse announcement Wednesday that it was backing out of a deal announced last week to purchase Universal Health Care Group, a St. Petersburg company.

The statement said the entities “have mutually agreed not to proceed with the acquisition of certain assets.” Last week, MBF said it had signed a letter of agreement to acquire Universal, with plans to close the deal quickly, before the end of March.

An MBF spokeswoman said Wednesday that Miguel “Mike” Fernandez, the leader of the investment group, would not be available for comment.

Tampa Bay area news organizations have reported that Universal has been struggling with financial difficulties. Health News Florida said the insurer has been laying off workers and has been ordered by two states to stop sales.

Read more Healthcare Reform stories from the Miami Herald

Miami Herald

Join the
Discussion

The Miami Herald is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere on the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.

The Miami Herald uses Facebook's commenting system. You need to log in with a Facebook account in order to comment. If you have questions about commenting with your Facebook account, click here.

Have a news tip? You can send it anonymously. Click here to send us your tip - or - consider joining the Public Insight Network and become a source for The Miami Herald and el Nuevo Herald.

Hide Comments

This affects comments on all stories.

Cancel OK

  • Marketplace

Today's Circulars

  • Quick Job Search

Enter Keyword(s) Enter City Select a State Select a Category