Banner Health’s $1 billion-plus merger with the University of Arizona Health Network will officially close Feb. 27 with the Phoenix-based Banner acquiring the UA Health Network’s two-hospital system in Tucson and developing an academic partnership with the University of Arizona College of Medicine.
The Arizona Board of Regents unanimously approved the deal that will enable Banner, the state’s largest health system, to have its first presence in Tucson. The merger involves purchasing land and rebuilding Tucson’s only academic medical center as well as developing a long-term academic affiliation with the UA College of Medicine at both of its separately accredited programs in Tucson and Phoenix.
Banner Heath will spend or commit more than $950 million to buy hospital land, build new clinical sites and support the UA’s medical education programs and faculty recruitment. Banner also agrees to pay off nearly $206 million in long-term debt from UA Health Network and its affiliates.
There will be a number of hospital name and leadership changes as a result of the merger. Banner’s Good Samaritan Medical Center in Phoenix will be renamed Banner-University Medical Center Phoenix and will serve as faculty-based academic medical center. In Tucson, the University Medical Center, University Campus will be renamed Banner-University Medical Center Tucson. The University of Arizona Medical Center-South Campus will be called Banner-University Medical Center South.
For more information:
“Banner, University of Arizona get final Board of Regents approval for merger,” Phoenix Business Journal, 1/29/15
“Regents approve Banner-UA Health Network merger,” Arizona Republic, 1/28/15
“Banner to rebuild UA Medical Center; regents OK merger,” Arizona Daily Star, 1/28/15