Elevance Health CEO Gail Boudreaux remains determined to finalize the $2.5 billion acquisition of Blue Cross and Blue Shield of Louisiana, despite temporary setbacks. Louisiana lawmakers and the attorney general raised concerns, causing a delay. Elevance and BCBS Louisiana still hope to complete the deal in early 2024, after initially targeting January. They are actively addressing regulatory concerns. The acquisition’s approval hinges on two-thirds of BCBS Louisiana’s policyholders. Boudreaux highlights the deal’s potential to create a multibillion-dollar foundation to improve the health and lives of Louisianians, emphasizing Elevance’s commitment as a trusted healthcare partner.
Elevance Health remains resolute in its determination to finalize the acquisition of Blue Cross and Blue Shield of Louisiana, as affirmed by Elevance Health CEO, Gail Boudreaux.
Back in September, this $2.5 billion acquisition had been put on hold due to concerns voiced by Louisiana legislators and the state’s attorney general. A public hearing regarding the deal was also postponed at that time.
Louisiana Attorney General Jeff Landry, now the newly elected governor of the state, had expressed reservations about proceeding with the sale until further questions regarding the acquisition were answered and the new governor and insurance commissioner had taken office, as reported by nola.com.
Despite these challenges, both Elevance and BCBS Louisiana expressed optimism in September, anticipating that the deal could still be concluded in early 2024, although initially, they had aimed for a January 2024 closing date.
Elevance is actively collaborating with local regulators to address their apprehensions, as Ms. Boudreaux revealed during an investor call on October 18th. Notably, the acquisition necessitates approval from two-thirds of BCBS Louisiana’s policyholders.
Ms. Boudreaux emphasized the substantial value and opportunities that the deal holds for the people of Louisiana, including the establishment of a multi-billion-dollar foundation dedicated to enhancing their health and well-being. Elevance eagerly anticipates the privilege of serving as their lifelong trusted health partner.
