The Thunderbird School of Global Management will merge with Arizona State University after officials reached a preliminary agreement Thursday afternoon.
The private, non-profit college could become part of the university by the end of the month, according to the Phoenix Business Journal .
ASU officials stated that the merge could mean more job cuts for Thunderbird in order to bring it into the university but ASU President Michael Crow stated that the merger will benefit both institutions and give students more opportunities.
Thunderbird, a Glendale international business school, has previously been struggling with debt and financial issues, especially after a deal between Thunderbird and for-profit Laureate Education Inc. fell apart earlier this year.
The new school will be called the Thunderbird School of Global management at Arizona State University, however, it will operate as a separate unit of ASU.
Thunderbird President Larry Penley believes that Thunderbird is excited to join "one of the world's most innovative universities." He was the dean of ASU's W.P. Carey School of Business from 1985 to 2003.