The decision comes as Ellis recovers from the financial effects of the COVID-19 pandemic. Ellis posted a $33 million loss for 2020.
Paul Milton, president and CEO of Ellis, told the publication he predicts the merger will be completed in 2023.
In the meantime, Ellis and St. Peter’s will be working on shared services and other partnerships, according to the report.
Ellis and St. Peter’s signed a letter of intent to explore a combination in October 2020.
