PITTSBURGH — Highmark’s planned $475 million takeover of the financially struggling West Penn Allegheny Health System could potentially benefit consumers, but isn’t without financial risks, two consultants hired by state regulators to vet the deal reported.

The Pennsylvania Insurance Department on Monday released the reports by Compass Lexicon of Chicago and the Blackstone Group of New York. The Blackstone Group was hired to study the deal’s impact on Highmark’s finances and its insurance customers, while Compass Lexicon reviewed the impact the deal could have on the public.

Margaret Guerin-Calvert, a senior consultant with Compass Lexicon, concluded there is a “reasonable economic basis” to believe the public would see improved delivery of care, a slower growth of health care costs, and more competition if the deal goes through.

But she also determined there is “substantial uncertainty” about Highmark’s projections that it can shift enough patients from the competing University of Pittsburgh Medical Center to turn around West Penn Allegheny’s fortunes.

Highmark hopes the deal will make West Penn’s five hospitals the hub of a system that could compete with UPMC.