As part of the deal, St. Luke’s acquired the 143-bed hospital and affiliated physician practices.
St. Luke’s also rebranded Des Peres Hospital as St. Luke’s Des Peres Hospital.
“St. Luke’s is the St. Louis area’s only independent healthcare provider, and we are confident that welcoming St. Luke’s Des Peres Hospital into our family is a win for everyone,” Christine M. Candio, RN, St. Luke’s Hospital president and CEO, said in a May 1 statement. “Now, we will engage in a collaborative process to determine our future plans to further our mission of improving the quality of life for patients and the community.”
The sale is part of Tenet’s hospital divestiture plan, which officials expect will yield more than $1 billion in proceeds. The 68-hospital system also completed its sale of Berwyn, Ill.-based MacNeal Hospital, for which Tenet received $550 million of cash proceeds during the first quarter of 2018, and sold its minority interest in four Texas hospitals in March.
More articles on transactions and valuations:
10 recent healthcare partnerships and transactions
Kaufman Hall: Hospital M&A up 11%+ from Q1 2017
Tenet acquires remaining stake in United Surgical Partners for $630M
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