Rutgers, the state university of New Jersey, will merge with the state's medical university, which will include nine medical and dental schools.
Rutgers will get $1.2 billion in assets and 6,400 more students in taking over most of the University of Medicine and Dentistry of New Jersey (UMDNJ), according to a story in the Record.
The school will take on $456 million in debt, and the deal will cost Rutgers between $45 million and $75 million, which is expected to be covered by tuition. The merger will take place July 1, 2013.
The combined assets of the two schools will top $5 billion and will help attract research grants, faculty, and students, Rutgers President Robert Barchi told the newspaper.
