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Article: Bay State Health, Blue Cross to merge
- Article from:
- The Boston Globe (Boston, MA)
- Article date:
- June 17, 1992
- Author:
CopyrightCopyright 1992 The Boston Globe. Provided by ProQuest LLC. (Hide copyright information)
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Blue Cross and Blue Shield of Massachusetts said yesterday it
would merge with ailing Bay State Health Care, the state's second
largest health maintenance organization, in a deal that will create a
health insurance giant with 2.4 million subscribers.
Blue Cross said it would assume all the assets and debts of Bay
State, which reportedly is sitting on a deficit of about $100
million. Blue Cross plans to maintain Bay State as a separate
division with a separate name. Three Bay State board members will
join Blue Cross' board of directors.
Financial terms of the deal were not disclosed. Executives of
both not-for-profit companies said details were still being hammered
out.
For Bay State's ...