Chesterfield-based St. Luke's Hospital is buying Des Peres Hospital from Dallas-based Tenet Healthcare Corp. for an undisclosed price.
The deal includes physician practices and other operations in St. Louis. It will strengthen the hospital's network and help patients, St. Luke's President and CEO Christine Candio said. St. Luke's has 3,800 employees and will add 650 more with the acquisition.
"It was an opportunity for us, we felt strongly, to further grow our footprint and really expand our health ministry into communities where we do not have a strong presence," Candio said.
The sale is expected to be completed early this year, subject to regulatory approvals. There will not be any layoffs, Candio said.
Tenet has been selling hospitals nationwide to pay down debt, reports Modern Healthcare, which covers health care business and policy news.
In seeking a new owner for Des Peres Hospital, Tenet Healthcare focused on a deal that would benefit patients, employees and physicians over the long term, Ron Rittenmeyer, Tenet’s executive chairman and CEO, said in a statement.
“St. Luke’s Hospital shares Tenet’s commitment to providing patients with high quality care and the best patient experience possible,” Rittenmeyer said. “We believe that St. Luke’s will complement and enhance Des Peres’ position within the St. Louis community, which the hospital has proudly served for more than 40 years.”
Candio said the deal makes sense because the two hospitals are aligned in their values.
"We feel by coming together it's going to make us stronger and to continually serve all the communities between St. Luke's in Chesterfield and Des Peres," she said.
Follow David on Twitter: @dpcazares