The biggest healthcare deal of the year is official.
The state Board of Regent approved the $1 billion merger of the University of Arizona’s health network into Banner Health, a Phoenix-based nonprofit that operates numerous hospitals and other health-care facilities.
The regents’ decision was made at a Wednesday afternoon meeting in Tucson.
The board voted last June to begin the merger process. It’s expected to be completed by the end of next month.
The university’s network includes two hospitals in Tucson, including one formerly known as University Medical Center. The network also includes numerous clinics and medical schools in Phoenix and Tucson.
Terms of the merger include Banner assuming the university network’s debt and investing millions in program and capital projects.