Blue Shield of California Plans To Move Forward With $1.2B Acquisition of Care1st Health Plan
Blue Shield of California CEO Paul Markovich said the insurer plans to move forward with a $1.2 billion acquisition of Care1st Health Plan, a multi-state Medicaid and Medicare insurer with more than 524,000 enrollees. State regulators recently stripped Blue Shield of California of its tax-exempt status, as the not-for-profit insurer faces criticism over executive pay, rate hikes and its $4.2 billion surplus. According to officials, the deal to acquire Care1st is expected to close in June at the earliest.
- "Exclusive: Blue Shield Reveals Details of Huge Care1st Acquisition" (Rauber, “Bay Area BizTalk,” San Francisco Business Times, 3/22).