The Kimmel Center Thursday bought the Merriam Theater from the University of the Arts, officials from both institutions said. The deal was announced a month ago but was not completed until Thursday's closing.

The Kimmel and University of the Arts agreed to an $11 million sale price, though buyer credits at settlement for repairs and other costs came to about $360,000, so the final recorded price was $10,640,000, a University of the Arts spokeswoman said.

The Kimmel has managed the Merriam for several years. Money to buy the theater came from $5 million in donations from 24 Kimmel board members, plus a $5 million grant from the William Penn Foundation. The rest of the purchase price, plus closing, financing, and initial capital costs, comes to about $5 million, which will be financed through a loan.

The Kimmel plans to renovate parts of the theater, which opened in 1918 and currently seats about 1,700, depending on the configuration for specific presentations.