Elevance Health Inc. (NYSE:ELV) entered into a definitive agreement to acquire Louisiana Health Service and Indemnity Company on January 3, 2023. Upon closing, BCBSLA will join Elevance Health?s affiliated Anthem Blue Cross Blue Shield family of brands and will now operate within 15 states across the country with the Louisiana plan headquarters remaining in Baton Rouge. The acquisition is subject to customary closing conditions and receipt of certain required approvals, and is expected to close later in 2023. As of February 15, 2023, the acquisition is expected to close by the end of the fourth quarter of 2023. As of October 18, 2023, the transaction is expected to close in the first half of 2024.

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 Louisiana Health Service. Cain Brothers acted as financial advisors to Louisiana Health Service in the transaction. Rob Fraiman and Mike Elizondo of KeyBanc Capital Markets Inc. acted as financial advisor to Louisiana Health Service and Indemnity Company.