Tenet Healthcare Corp. Friday announced it had signed a definitive agreement to sell Des Peres Hospital, as well as physician practices and hospital-affiliated operations in the St. Louis area, to St. Luke's Hospital.
The acquisitions allow St. Luke's, an independent not-for-profit provider based in Chesterfield, Mo., to expand its footprint. Des Peres Hospital is also situated in the western St. Louis suburb.
The transaction is expected to be completed early this year pending customary regulatory approvals.
"In identifying a new owner for Des Peres Hospital as part of ongoing changes to our network, we have focused on securing the hospital's long-term sustainability for the benefit of its patients, employees and the physicians who practice there," Ron Rittenmeyer, executive chairman and CEO of Tenet Healthcare, said in a statement.
Des Peres is Tenet's last hospital in the St. Louis area, where the company does not have leading market share. Tenet is also shopping around its debt-collection business Conifer Health Solutions as it continues its restructuring plan that includes job cuts, reorganizing management, divesting hospitals and possibly breaking up the company's business segments.