PITTSBURGH — Faced with the prospect of shutting down hospitals in September, the struggling West Penn Allegheny Health System announced a takeover by health insurer Highmark on Tuesday.

Highmark, based in Pittsburgh, is Pennsylvania’s largest health insurer. The deal will provide a financial cushion for West Penn Allegheny, which runs Allegheny General Hospital in Pittsburgh.

Highmark said it would immediately provide a $50 million grant to West Penn Allegheny as part of a total financial commitment of up to $475 million over four years, including $75 million to fund scholarships for students attending medical schools affiliated with WPAHS and to support other health professional education programs.

“We have been starved for capital,” said David McClenahan, chairman of West Penn Allegheny. “We need a capital partner.”

The board of directors from both organizations approved the merger unanimously and will now work on getting approval from regulators.

As part of the restructuring, West Penn Allegheny President Dr. Christopher Olivia will step down but will continue on as a consultant to Highmark.

The merger between an insurer and a hospital system has the potential to succeed, said Chris Calkins, an expert on health care policy at the University of Pennsylvania.