- Associated Press - Monday, June 1, 2015

ST. LOUIS (AP) - A prominent St. Louis hospital is changing hands.

SSM Health announced plans Monday to acquire Saint Louis University Hospital as part of a three-way agreement. Saint Louis University is buying the hospital from Dallas-based Tenet Healthcare Corp., then giving it to SSM in exchange for minority financial and governance interest in SSM Health St. Louis, a subsidiary of SSM.

Financial terms were not disclosed. The merger is expected to be finalized by late summer, subject to regulatory approval.

Doctors and other employees of Saint Louis University’s physician practice, SLUCare Physician Group, will remain at their current sites.

“Ultimately, this integrated partnership will provide the entire community with more coordinated access to the compassionate expert care for which SSM Health, SSM Medical Group and SLUCare Physician Group are all known,” William P. Thompson, president and CEO of SSM Health, said in a statement.

Saint Louis University President Fred P. Pestello noted that SLUCare Physician Group and SSM Health have worked together for decades at SSM Cardinal Glennon Children’s Medical Center and SSM St. Mary’s Health Center.

“Partnering with SSM Health, its medical group and extensive network of high-quality community-based services will strengthen our SLUCare practice and give the University’s physicians a greater opportunity to provide excellent advanced medical care to more people in the community,” Pestello said in a statement.

St. Louis-based SSM Health is a nonprofit health system with 19 hospitals and other health care services in four states - Missouri, Illinois, Oklahoma and Wisconsin.

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This story has been corrected to show that Saint Louis University is contributing the hospital to SSM Health, not selling it.

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