On May 26, 2023, Minnesota Gov. Tim Walz signed legislation requiring pre-close notification for qualifying healthcare transactions, making Minnesota the latest in a rapidly growing number of states with such requirements. Also in May, the Illinois state legislature enacted a statute that, if signed by Gov. J.B. Pritzker as expected, would require pre-close review of qualifying healthcare transactions by the Office of the Illinois Attorney General.
States increasingly are requiring notice and review of smaller-scale physician practice acquisitions and other deals not typically subject to pre-close scrutiny. The effective date of both the Minnesota and Illinois laws is Jan. 1, 2024.