Elevance Health is still planning to complete its acquisition of Blue Cross and Blue Shield of Louisiana, Elevance Health CEO Gail Boudreaux said.
In September, the two companies said the planned $2.5 billion deal was on hold, after Louisiana lawmakers and the state's attorney general expressed concerns about the acquisition, and a public hearing on the deal was delayed.
Louisiana Attorney General Jeff Landry, now the state's governor-elect, said in September he does not want the sale to proceed until more questions about the deal have been answered and a new governor and insurance commissioner have taken office, nola.com reported.
In September, Elevance and BCBS Louisiana said they are hopeful the deal can still close in early 2024. The companies previously planned to close the acquisition in January 2024.
Elevance is working with local regulators to address their concerns, Ms. Boudreaux said on an Oct. 18 investor call. The acquisition must be approved by two-thirds of BCBS Louisiana's policyholders.
"The deal offers tremendous value and opportunity for the people of Louisiana, including through the creation of a multibillion dollar foundation focused on improving their health and lives, and we look forward to the privilege of serving as their lifetime trusted health partner," Ms. Boudreaux said.