Along with the partnership, the regents also unanimously approved a $35 million investment into ETMC Thursday.
As part of the agreement, officials announced Feb. 16 ETMC will rebrand as UT Health East Texas. Ardent Health will assume majority ownership and manage daily operations at the combined 10-hospital system once the deal is finalized.
The two organizations will also jointly invest more than $125 million into ETMC during a period of five years.
Officials expect to close the deal by March 1.
ETMC began its search for a potential partner in April 2017. Ardent Health and the University of Texas system formed a joint venture to take over ETMC in September.
“We look forward to building a new system that not only cares for East Texans, but also improves lives by expanding access to leading-edge research and clinical therapies,” said David T. Vandewater, president and CEO of Ardent Health Services.
More articles on transactions and valuations:
Presence Health inks definitive agreement to join Ascension
Greenville legislators introduce bill to sell Greenville Health System
State gives unanimous final approval for proposed Partners, Mass. Eye and Ear acquisition
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