A new super university will be created in autumn next year with the merger of Manchester University and Umist after the councils of the two universities gave their final agreement.
The merger had been first discussed in March last year. It was formally agreed by the two university councils last October, but was dependent on funding being found.
It will create the largest UK university outside of London. London nominally remains the largest UK university but that structure has become less important as the autonomy of the colleges has increased.
More than £82m in grants has now been secured for the new institution whose name will be decided in less than three months' time.
The package of funding includes £65m from the higher education funding council for England, the office of science and technology and the north-west development agency. A further £17m will come from the science research investment fund.
The vice-chancellor of Manchester University, Sir Martin Harris and John Garside, the principal and vice chancellor of Umist (the University of Manchester Institute of Science and Technology), said: "We are delighted that central government and the north-west development agency have provided the practical financial support to help the universities to realise their vision. The extra investment on this scale is unique.
"We have a solid foundation on which to build a truly world-class university that will continue to attract the best students, the most talented staff and significant research funds from around the world.
The new university will have an annual income of £420m and will have the breadth and quality of research and teaching to attract staff and students. It will have around 34,000 students and the merger will cut competition and duplication, streamline administration and create a clearer identity.
Lord Sainsbury, the science minister, said: "The merger will establish a centre for world-class research in Manchester, both in terms of size and resources."
The merger had been first discussed in March last year. It was formally agreed by the two university councils last October, but was dependent on funding being found.
It will create the largest UK university outside of London. London nominally remains the largest UK university but that structure has become less important as the autonomy of the colleges has increased.
More than £82m in grants has now been secured for the new institution whose name will be decided in less than three months' time.
The package of funding includes £65m from the higher education funding council for England, the office of science and technology and the north-west development agency. A further £17m will come from the science research investment fund.
The vice-chancellor of Manchester University, Sir Martin Harris and John Garside, the principal and vice chancellor of Umist (the University of Manchester Institute of Science and Technology), said: "We are delighted that central government and the north-west development agency have provided the practical financial support to help the universities to realise their vision. The extra investment on this scale is unique.
"We have a solid foundation on which to build a truly world-class university that will continue to attract the best students, the most talented staff and significant research funds from around the world.
The new university will have an annual income of £420m and will have the breadth and quality of research and teaching to attract staff and students. It will have around 34,000 students and the merger will cut competition and duplication, streamline administration and create a clearer identity.
Lord Sainsbury, the science minister, said: "The merger will establish a centre for world-class research in Manchester, both in terms of size and resources."
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