Elevance Health will buy Blue Cross and Blue Shield of Louisiana, adding to its family of Anthem Blue Cross plans in 14 other states.
“We concluded that we needed a partner that could help us deliver these faster and better than we could alone,” Udvarhelyi said.
The deal expands Elevance’s reach deeper into the south where the company already operates the Anthem Blue Cross plan in Georgia and already has an existing collaboration in Louisiana via joint ownership of “Healthy Blue,” which serves Medicaid and Medicare“Elevance Health and Blue Cross and Blue Shield of Louisiana will combine strengths to provide services unique to the needs of Louisiana to better serve members through a whole health personalized approach,” Boudreaux said in a statement.
Financial terms of the deal, including the purchase price, were not disclosed Monday. However, Elevance Health and Blue Cross and Blue Shield of Louisiana said the transaction will create a “multi-billion dollar foundation” once the deal closes. It’s common for proceeds of sales of nonprofits or mutual-owned health insurers to publicly-traded and investor-owned companies like Elevance Health to be allocated to not-for-profit foundations or charities. That way, the long-held mission of the mutual or nonprofit continues in some form.
In this case, Blue Cross and Blue Shield of Louisiana, founded in New Orleans in 1934, is a private mutual company owned by policyholders.
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