On Monday afternoon, President Ann Weaver Hart sent out an email announcing that the University of Arizona Health Network merger with Banner Health is set to be completed at the start of 2015.

Hart said the expected date for all paperwork to be signed is the week of Jan. 12, 2015 and the closure date is Jan. 31, 2015. She said in the email that this date “provides the time to complete the remaining work.”

This merger was announced in June and a press release said the merger will generate $1 billion in new revenue. The press release also stated that one goal of the merger was to eliminate the debt burdening UAHN, which was estimated to be around $146 million at the time.

“Not only will these dates provide the time needed for our integration teams to complete their work,” Hart said,” but they also will provide time to secure a comprehensive fairness opinion from an outside firm and bring the best possible agreement forward to the boards of directors and regents of the respective organizations for their approval. This schedule will also help ensure a smooth transition for employees, physicians and patients.”

The merger will involve the creation of new statewide health care system and new academic programs to benefit medical students, according to the press release. It was also projected that the merger would result in more than 6,000 employees at UAHN’s hospitals, as well as the health plan and medical group, merging into Banner Health. This would make Banner Health Arizona’s largest private employer, with more than 37,000 employees, according to the press release.

“The proposals under discussion will enable a bright future for medical education and innovation at the UA and top-quality patient care in Tucson and throughout Arizona,” Hart said.