JACKSONVILLE, Fla. and
SAN JUAN, Puerto Rico,
Feb. 1, 2022 /PRNewswire/
-- GuideWell Mutual Holding Corporation ("GuideWell"), parent
of Blue Cross and Blue Shield of Florida, Inc. ("Florida Blue"), has closed on its acquisition of
Triple-S Management Corporation (NYSE: GTS) ("Triple-S"), a leading
health care services company in Puerto
Rico, the companies announced today. GuideWell acquired all
outstanding shares of Triple-S Management common stock for
$36.00 per share in cash.
With the completion of the transaction, Triple-S is now a
wholly-owned subsidiary of GuideWell and will continue to operate
under the Triple-S brand. Triple-S Management's providers, members
and community partners will continue working with the Triple-S
Management staff. Combined, the companies now serve more than 46
million people in 45 states and Puerto
Rico.
The transaction brings together two mission-driven,
community-focused companies that will be well equipped to improve
health outcomes, affordability, access and equity in both Florida
and Puerto Rico.
To mark the combination, GuideWell also announced that it is
donating $1 million to the Triple-S
Foundation, which will be distributed to organizations that support
the health and well-being of Puerto Ricans with a focus on
addressing food insecurity and social isolation among vulnerable
populations. Additionally, Florida
Blue will make a $250,000
donation to the Hispanic Federation of Orlando, a nonprofit viewed as a trusted voice
by the Puerto Rican community that serves as a one-stop assistance
center.
"With the acquisition of Triple-S, we expect to combine their
team's knowledge and expertise with our own to enhance access,
quality, and the affordability of health care for the stakeholders
of both companies," said GuideWell and Florida Blue President and CEO Pat Geraghty. "The combination will result in a
well-diversified industry leader, strongly positioned to compete
effectively, and invest substantially to accelerate our strategies
and drive improved health outcomes for the benefit of our diverse
populations."
"We come together to build on our respective strengths to remove
barriers and better serve our communities. We look forward to the
many possibilities of advancing health in Puerto Rico, Florida and beyond," said
Roberto Garcia-Rodriguez, CEO and
President of Triple-S Management.
About GuideWell
GuideWell Mutual Holding Corporation
(GuideWell) is a not-for-profit mutual holding company and the
parent to a family of forward-thinking companies focused on
transforming health care. The GuideWell organization includes
Florida Blue, the leading health
insurance company in Florida;
Triple-S Management, a leading health care services company in
Puerto Rico; GuideWell Health, a
portfolio of clinical delivery organizations; GuideWell Venture
Group, a portfolio of companies including Onlife Health and
PopHealthCare focused on creating human-first and innovative health
solutions for health plans; GuideWell Source, a provider of
administrative services to state and federal health care programs;
and WebTPA, a market leading administrator of self-funded employer
health plans. In total, GuideWell and its affiliated companies
serve more than 46 million people in 45 states, Puerto Rico and the U.S. Virgin Islands. For more information,
visit www.guidewell.com.
About Florida
Blue
Florida Blue,
Florida's Blue Cross and Blue Shield company, has been providing
health insurance to residents of Florida for more than 75 years.
Driven by its mission of helping people and communities achieve
better health, the company serves more than 5 million health care
members across the state. Headquartered in Jacksonville, Fla., it is an independent
licensee of the Blue Cross and Blue Shield Association.
About Triple-S Management Corporation
Triple-S
Management, a health services company, serves more than 1 million
customers in Puerto Rico, which
represents nearly one-third of the island's population. With over
60 years of experience, it is the premier insurance and managed
care brand, with the largest customer base and broadest provider
networks on the island. Triple-S Management has the exclusive right
to use the Blue Cross Blue Shield name and mark throughout
Puerto Rico, the U.S. Virgin Islands, Costa Rica, the British Virgin Islands and Anguilla, and offers a broad portfolio of
managed care and related products in the commercial, Medicare
Advantage and Medicaid segments. Triple-S Management is also a
well-known brand in the life insurance and property and casualty
insurance segments in Puerto Rico,
with strong customer relationships and a significant market share.
For more information about Triple-S Management, visit
www.triplesmanagement.com.
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SOURCE GuideWell