Tenet Healthcare to Buy St. Louis Hospital

Tenet Healthcare Corp. agreed to buy St. Louis University Hospital for $300 million. Santa Barbara-based Tenet, the second-largest U.S. for-profit hospital chain, said it will also invest $100 million in a venture to develop new programs with the university and that it will spend $50 million over five years to maintain St. Louis as a teaching center. Tenet said it expects to assume ownership of the hospital, its fifth in the area, on Saturday. Tenet shares fell 19 cents to close at $36.38 on the New York Stock Exchange.