BATON ROUGE - Blue Cross and Blue Shield Louisiana is taking on another venture.

The company announced Wednesday it has signed a definitive agreement with Vantage Health Plan, to own a majority stake of the health insurance company pending approval from the state and federal regulators.

"We believe the transaction will allow both companies to strategically grow more effectively, and for Vantage to expand in more markets outside of Louisiana," said Vantage CEO Dr. Gary Jones. "Over time we hope to be able to add more jobs in Monroe, where Vantage will continue to be headquartered."

The plan also requires a clearance from Vantage shareholders. If approved, the deal could close as soon as the end of the year.