Phoenix-based Banner Health's $1 billion acquisition of the University of Arizona Health Network, Tucson, is expected to close on Jan. 31, Banner's CEO said in a memo to employees last week.
Final agreements are expected to be signed the week of Jan. 12, according to the memo from Banner CEO Peter Fine. Initial terms of the deal stipulate that Banner will acquire the University of Arizona Medical Center and its south campus; UAHN's faculty practice, University Physicians Healthcare; and UAHN's three health plans.
The deal also will make the University of Arizona and its medical school Banner's exclusive academic partner.
In the memo, Fine wrote that Banner officials have combed through 20,000 pages of due diligence materials, gained community input and negotiated state and federal regulations.
“As we move closer to completing this merger, I am even more convinced that this new organization will transform healthcare in Arizona,” Fine said.
