UA Health Network, ABOR approve Banner partnership

The University of Arizona Health Network and the University of Arizona executed a Principles of Agreement document with Banner Health, to create a statewide health care organization. The action follows Thursday’s votes by the UAHN and Banner boards of directors in support of proceeding with negotiations, as well as a vote by the Arizona Board of Regents to authorize UA to also move forward with UAHN and Banner.

The proposed transaction is anticipated to generate approximately $1 billion in new capital for Banner, one of the largest nonprofit health care systems in the country.

The anticipated transition of 6,300 employees working at UAHN’s two hospitals, the health plan and the medical group into Banner will create Arizona’s largest private employer, built on substantial taxpayer dollars, with more than 37,000 employees.

The parties will work on a final agreement to be approved by ABOR and the boards of directors of UAHN and Banner. The proposed transaction is expected to close a few months following the signing of the definitive agreements.

Banner will now two campuses which were built with taxpayer money; UA Medical Center, at 1501 N. Campbell Ave. and Kino Hospital located at 2800 E. Ajo Way, in Tucson Arizona.

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