GuideWell, the guardian company of Blue Cross and Blue Shield of Florida, has completed the takeover of Triple-S Management Corporation, which is a Puerto Rico-based health services company. GuideWell bought all outstanding shares of Triple-S management common stock for $36.00 per share in cash.
- Will help penetrate Florida and Puerto Rico markets: The acquisition will see the amalgamation of two companies that are community-driven and are on the ‘mission’ to improve affordable healthcare offerings. The move will enable GuideWell to improve health outcomes, affordability, access and equity in both Florida and Puerto Rico.
- Triple-S to continue using its brand: After the completion of the deal, Triple-S has now become a wholly-owned subsidiary of GuideWell but will have the liberty to continue its operations under the Triple-S brand. The Puerto Rico-based company’s members and its community partners will continue working with the Triple-S management. The coming together of these two companies will see them serve more than 46 million people in 45 states and Puerto Rico.
- GuideWell to donate $1M: As a gesture of deal completion, GuideWell said that it will be donating $1 million to the Triple-S Foundation, which will be utilized to support the entities which have been focusing on health, food, social security and well-being of Puerto Ricans. Apart from this, Florida Blue will also donate $250,000 to the Hispanic Federation of Orlando, which is a non-profit organisation enjoying great trust of the Puerto Rican community.
- ‘Deal will enhance healthcare affordability’: GuideWell and Florida Blue president and CEO Pat Geraghty said, “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.” “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,” he said.
- Triple-S confident of improved healthcare in Puerto Rico :The management of Triple-S expects very positive outcomes from the deal. Welcoming the acquisition, Roberto Garcia-Rodriguez, CEO and President of Triple-S Management, said, “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.”