Last week, GuideWell Mutual Holding Corporation announced a definitive agreement to acquire Triple-S Management Corporation for $900 million. GuideWell will acquire all the outstanding shares of Triple-S Management common stock for $36.00 per share in cash, representing a premium of approximately 49% to Triple-S’ 90-day volume-weighted average trading price.
Founded in 1959, Triple-S Management Corporation is a health care services company serving more than 1 million people in Puerto Rico. It 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.
Guidewell is a not-for-profit mutual insurance holding company focused on health insurance in Florida. It was created in 2013 by a reorganization initiated by Florida Blue, a member company of the Blue Cross Blue Shield Association. Today, GuideWell serves more than 45 million people in 45 states.
Upon completion of the Transaction, Triple-S Management will become a subsidiary of GuideWell and will continue to operate under the Triple-S Management brand.
This isn’t the first Managed Care deal in the Puerto Rican market this year. Back in June, Kinderhook Industries, LLC acquired This isn’t the first Managed Care deal in the Puerto Rican market this year. Back in June, Kinderhook Industries, LLC acquired Medical Card System, Inc., a leading healthcare services organization offering a variety of insurance plans and managing care for Medicare Advantage and Commercial members, and in February, MMM Holdings, LLC was snapped up by Anthem, Inc. for an undisclosed sum. With both strategic buyers and financial firms finding opportunities in the Puerto Rican market, we wouldn’t be surprised if more deals are in the works.
