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The Arizona Board of Regents and University of Arizona Health Network endorsed the framework of a deal that would allow Banner Health to pursue an acquisition of the Tucson-based health system and its two hospitals.

Banner Health, UA Health Network and the University of Arizona still must finalize details of that pact, which is expected to have broad implications for Arizona’s health care, the UA’s medical school campuses in Phoenix and Tucson and medical research statewide.

Banner and UA Health Network boards on Thursday approved a “principles of agreement” draft that spells out Banner’s intent to invest nearly $1 billion to acquire UA Health Network and affiliate with the University of Arizona. The document does not list a purchase price, and details may change. Officials expect to wrap up negotiations this fall, possibly by September.

The UA Health Network includes two teaching hospitals — the UA Medical Center’s main campus and the UA Medical Center’s south campus — a physicians practice and three health insurance plans. The network works closely with the University of Arizona, which has medical-school campuses in Phoenix and Tucson

This was reported by The Arizona Republic on June 26, 2014.

Contact information: Bill Byron, Vice President Public Relations, Banner Health, 1441 N. 12th Street, Phoenix, Arizona 85006; (602) 747-4702; E-mail: BCCPpublicrelations@bannerhealth.com; Website: http://www.bannerhealth.com

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