CHICAGO (STMW) – Loyola University Health System said Friday it has completed the sale of its two hospitals to Novi, Mich.-based Trinity Health, the nation’s fourth-largest Catholic health system.

Trinity will also take over Loyola’s debt of $350 million, pension and other expenses of more than $400 million, and make a yearly payment of $22.5 million to Loyola’s Stritch School of Medicine, according to the agreement.

Trinity is expected to invest $300 million in equipment and capital improvements to Loyola’s hospitals over five years under the deal’s terms.

The deal, first announced in February, means Loyola is no longer in the hospital business.

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