Banner Health, the University of Arizona, and its affiliated University of Arizona Health Network announced Thursday that they will create a statewide healthcare organization.
The affiliation would generate $1 billion in new capital and academic investments, and would combine more than 37,000 employees, making it the largest private employer in Arizona, according to a joint press release.
Thursday's announcement follows authorizing votes from the boards of directors at UAHN, Banner, and the Arizona Board of Regents. The definitive agreement is expected to be finalized in the third quarter, but it would have to be approved by the three boards.
Banner President and CEO Peter S. Fine said in prepared remarks that the deal, outlined in a Principles of Agreement document, meshes with Banner's "vision… to sustain a position of national leadership. This opportunity to join with a premier academic organization significantly advances Banner towards this vision."