Tuesday 24 January 2023

US-based health insurer Elevance Health, Inc. (NYSE: ELV) and Blue Cross and Blue Shield of Louisiana have entered into a definitive agreement through which Elevance Health agrees to acquire Blue Cross and Blue Shield of Louisiana (BCBSLA), the companies said.

BCBSLA will join Elevance Health's affiliated Anthem Blue Cross Blue Shield family of brands.

This acquisition will unite two organizations deeply rooted in the communities they serve and aligned in a mission to improve whole health.

Together they will continue to prioritize what is best for Louisiana's members and customers by improving access, quality, affordability, and the experience that Louisianians have trusted for almost 90 years.

The combination builds on the existing collaboration in Louisiana through joint ownership of Healthy Blue, which serves Medicaid and Medicare Dual Eligible members.

It will also accelerate BCBSLA's strategic evolution to improve access, affordability and quality of services delivered by BCBSLA to the more than 1.9m members they serve with capabilities developed by Elevance Health and its healthcare services organization, Carelon.

With more than USD 4bn invested over the past several years, Carelon delivers behavioral health, complex and chronic care programs, and innovative digital models.

Elevance Health's legal advisors are White & Case LLP and Faegre Drinker Biddle & Reath LLP. Morgan, Lewis & Bockius LLP and McGlinchey Stafford PLLC are acting as legal advisors for Blue Cross and Blue Shield of Louisiana.

Cain Brothers acted as financial advisors to Blue Cross and Blue Shield of Louisiana in this transaction.

Founded in New Orleans in 1934, Blue Cross and Blue Shield of Louisiana is a nonprofit health insurer with offices in every major region.

Blue Cross and Blue Shield of Louisiana is an independent licensee of the Blue Cross and Blue Shield Association.