GuideWell Mutual Holding Corporation and Triple-S Management Corporation (NYSE: GTS) reported they will combine to transform the health care experience for their members in Puerto Rico and Florida. GuideWell will acquire all outstanding shares of Triple-S Management common stock for USD 36 per share in cash, which represents an equity value of USD 900 Million. Triple-S will become a subsidiary of GuideWell and continue to operate under the Triple-S Management brand. Both companies’ board of directors have approved this agreement. “The Transaction expands GuideWell’s core insurance operations and positions Florida Blue and Triple-S Management for significant growth and meaningful value creation 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 both recognized for their high-quality, affordable health care and their actions deeply rooted in supporting community well-being. With Puerto Rico’s outlook strengthening, and Florida experiencing fast-paced growth, especially in its Puerto Rican and Hispanic populations, this is a natural next step.”
“Uniting our mission-driven, community-focused teams is a great outcome 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 Florida Blue’s locally focused approach to care, and we share their respect for the uniqueness of every community served. By partnering with a strong organization that shares our mission and approach, we will be well positioned to achieve our strategic goals, expand access and improve health care outcomes for all our members. The Transaction is also clearly in the best interests of our shareholders, given the strategic fit, the significant premium to our current share price and resulting shareholder liquidity.”
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GuideWell to Acquire Triple-S Management for USD 36 per Share