GuideWell Mutual Holding Corporation (“GuideWell”), parent company of Blue Cross and Blue Shield of Florida, Inc. (“Florida Blue”), y Triple-S Management Corporation (“Triple-S Management”), a health services company in Puerto Rico, announced today that they will team up to transform the health care experience of their policyholders in Florida and Puerto Rico. The transaction is valued at about $ 900 million.
Under the terms of the final agreement, GuideWell will acquire all outstanding outstanding shares of Triple-S Management for a price of $ 36.00 per share in cash, representing a premium of approximately 49% over the weighted price of the action in an average of 90 days. The transaction is valued at approximately $ 900 million. Once the transaction is completed, Triple-S Management will become a subsidiary of GuideWell and will continue to operate under the Triple-S Management brand. The agreement was unanimously approved by the respective boards of directors of the two companies.
Upon completion of the transaction, Triple-S Management will operate as a wholly owned subsidiary of GuideWell and will continue to be managed by the current management team under the Triple-S Management brand. Triple-S Management providers, policyholders and community allies will continue to work with the Triple-S Management team.
GuideWell is a non-profit mutual society and is the parent company of a family of innovative companies, including Florida Blue, that focus on transforming the healthcare industry. In total, GuideWell companies serve more than 45 million people in 45 states. Florida Blue is Florida’s oldest and largest health insurance company and proudly serves more than five million policyholders in all 67 counties in the state. Triple-S Management serves more than one million consumers in Puerto Rico, with a strong position in Medicare Advantage, a leading position in Medicaid in Puerto Rico and in the business segments, and an established base with significant opportunities in other lines. business, such as life and property and contingency insurance.
“The transaction expands GuideWell’s core insurance operations and positions Florida Blue and Triple-S Management to experience strong growth and generate significant value for the customers and communities we serve,” said Pat Geraghty, President and chief executive officer of GuideWell and Florida Blue. “Florida Blue and Triple-S Management are two recognized for the high quality and affordability of their health services and for actions that are deeply rooted in supporting the well-being of the community. Faced with an improvement in the landscape for Puerto Rich and the rapid growth that Florida is experiencing, especially in its Hispanic population – especially Puerto Rican – this is the next natural step. “
“By uniting our teams, so focused on their missions and serving their respective communities, a great result is produced for our companies, as well as for Puerto Rico and Florida and our shareholders.” , said Roberto Garcia-Rodriguez, president and chief executive officer of Triple-S Management. “We have long admired the highly localized treatment that Florida Blue offers in providing health services. We share the respect they show for the unique context of each community they serve. By joining a strong organization that shares our mission and vision, we are firmly positioned to achieve strategic goals, expand access and improve the outcomes of health services for all our policyholders.This transaction also clearly serves the best interests of our shareholders, given the strategic alignment, the offer of a significant premium on the share price and the increase in liquidity offered by the combined entity “.