LCMC Health, as part of a partnership with Louisiana’s Tulane University, has agreed to buy three hospitals from Nashville, Tennessee-based HCA Healthcare for $150 million, the systems said Monday.

If the agreement is approved, Tulane Medical Center, Tulane Lakeside Hospital and Lakeview Regional Medical Center will become part of New Orleans-based LCMC. LCMC said the approximately 1,600 employees at those three facilities will continue to have jobs as well as “expanded opportunities for growth and advancement.”

The deal, which is expected to close later this year or early next year, will encourage academic collaboration with Tulane University and Louisiana State University, plus increase the region’s access to specialty care, LCMC CEO Greg Feirn said in a news release. It also moves the three hospitals from for-profit ownership to not-for-profit. 

Within the next two years, most services provided at Tulane Medical Center will shift to East Jefferson General Hospital and University Medical Center New Orleans. LCMC has also agreed to invest $220 million in the three hospitals for  equipment and facilities and to attract more talent. 

Tulane University is planning a revitalization of its Charity Hospital building and repurposing Tulane Medical Center. The proposed project includes a new research space, a new nursing program, clinical research programs and graduate programs.