DALLAS & ST. LOUIS-(BUSINESS WIRE)-SSM Health Healthcare Corporation (NYSE:THC) and Saint Louis University (SLU) have entered into a definitive agreement for the sale of Saint Louis University Hospital to SLU. The transaction is subject to customary regulatory approvals and other closing conditions and is expected to be completed during the third quarter of 2015.
SSM Health purchased the 365-bed Saint Louis University Hospital from SLU in 1998. Since then, the two organizations have worked closely together to provide high-quality healthcare to the St. Louis region while training thousands of highly skilled medical professionals.
"We appreciate the collaborative and productive relationship that SSM Health has enjoyed with Saint Louis University over the last 17 years," said Trevor Fetter, chairman and chief executive officer of SSM Health Healthcare. "With the rapid transformation of the healthcare system in recent years, we are committed to positioning our hospitals to continue delivering high-quality healthcare services. We believe this transaction will accomplish that for SLU Hospital and the St. Louis region. We look forward to working with the university to ensure a smooth transition for all stakeholders over the coming months."
"For nearly two decades, Saint Louis University and SSM Health have worked closely together to advance the practice of medicine in the St. Louis region," said Fred P. Pestello, Ph.D., president of Saint Louis University. "This transaction reflects a significant investment in our SLUCare Physician Group, which is an elite academic medical practice committed to providing leading edge and compassionate patient care."
In a separate transaction, Saint Louis University plans to contribute SLU Hospital to SSM Health, one of the nation's largest Catholic not-for-profit health systems. In exchange, SLU will receive a minority membership interest — which includes a financial interest and governance rights — in SSM Health St. Louis, which provides a full continuum of healthcare services throughout the St. Louis region.
The SSM Health-owned Des Peres Hospital in west St. Louis County and the MedPost Urgent Care Center in Ellisville, Mo., will remain part of the SSM Health system and will continue to deliver high-quality healthcare.
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