The Arizona Board of Regents has requested a completed agreement the week of Jan. 26 so it may vote on Phoenix-based nonprofit Banner Health's merger deal with Tucson-based University of Arizona Health Network, Banner Health President and CEO Peter Fine recently wrote in a note to employees.
Under the deal, which still requires approval by the board of regents, University of Arizona Health Network will merge into Banner Health.
If the Arizona Board of Regents approves the deal, Banner and University of Arizona Health Network leaders will "promptly sign the agreement" and "begin preparations to close," Mr. Fine told employees.
"The level of detail to prepare documents for the closure of a 30-year agreement is significant, and we're going to take the time necessary to do this correctly. Therefore, to be prudent, while we will sign the agreement promptly after the ABOR meeting should it be approved, we have chosen Feb. 27 our closure date," Mr. Fine wrote. "It's been a long road to negotiate and prepare this agreement for ABOR, and I know I speak for a lot of people who have worked extremely hard when I say how exciting it is to be at this point."
In preparation of the pending deal, day-to-day operations of University of Arizona Health Network were signed over to Banner Health earlier this month.
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