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MIAMI-The University of Miami has closed on its previously planned purchase of Cedars Medical Center from Nashville-based HCA Inc. According to an HCA statement, the price was approximately $260 million.

With the close, the university’s 55-year-old Miller School of Medicine has gained a full-scale hospital for the first time. HCA and the university signed a letter of intent to pursue the sale on March 26. On Oct. 26, the executive committee of the university’s board of trustees voted to give UM senior officers the authority to complete the deal, and administrators proceeded with regulatory approvals.

The hospital is located at 1400 NW 12th Ave., just across from the medical school’s NW 12th Avenue campus. A Miller School spokeswoman tells GlobeSt.com the medical school took immediate ownership of the 560-bed facility, renamed it University of Miami Hospital and installed the new identity on the building on Dec. 3.

Most of the physicians on Cedars’ medical staff have already completed the credentialing process required to begin practicing at the new University of Miami Hospital. The nurses, technicians and other support personnel will become university employees.

“The creation of a university hospital environment enables us to provide the very best academic medical care to the people of South Florida and beyond,” says Pascal Goldschmidt, SVP for medical affairs and dean of the Miller School, in a statement. “This medical center will become a true medical destination.”

HCA, which owns and operates more than 170 hospitals and more than 100 freestanding surgical centers in 21 states, plus the UK and Switzerland, continues to have a strong presence in Florida with more than three dozen facilities. Among them are Kendall Regional Medical Center and Aventura Hospital in Miami-Dade County.

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