Ventas Inc., a real estate investment trust that specializes in health properties, agreed to buy Ardent Medical Services Inc. and its affiliate Ardent Health Services for $1.75 billion in cash.

The transaction is expected to add 8 cents to 10 cents to earnings in the first full year after it’s completed, Chicago- based Ventas said Monday in a statement.

Ventas plans to spin off Ardent Health Services, an operator of health systems in major markets that’s owned by private equity firm Welsh, Carson, Anderson & Stowe, from its real estate. Ventas will sell Ardent’s hospital operations to one or more newly formed entities owned by Ardent, other equity sources, and Ventas.

The $1 trillion U.S. hospital market is benefiting from more emergency room visits and admissions, a growing 65 and over population, and more than 10 million newly insured individuals. Following the deal’s completion, Ardent will be better positioned to benefit from future consolidation opportunities, according to the statement.

Ventas will own ten hospitals and related real estate operated by Ardent under the names BSA Health System in Amarillo, Texas, Hillcrest HealthCare System in Tulsa, Oklahoma, and Lovelace Health System in Albuquerque, New Mexico. The facilities include acute care, heart, rehab and women’s health hospitals and comprise about 3.2 million square feet and 2,045 beds.

Separately on Monday, Ventas announced that a plan to spin off most of its post-acute/skilled nursing facility portfolio into an independent, publicly traded REIT.

Kirkland & Ellis LLP advised Ventas on the deal.