Florida Blue’s Parent Acquiring Puerto Rico Blue Cross Plan In Deal Valued At $900M
Jacksonville-based GuideWell, the parent company of Florida Blue, announced Tuesday it is acquiring the Blue Cross Blue Shield plan of Puerto Rico called Triple-S Management for $900 million in equity value.GuideWell expects to close on the deal in the first half of 2022 by acquiring all outstanding shares of Triple-S Management common stock for $36 per share in cash.
The health insurance provider, which is the largest in Florida, says the deal will allow it to compete effectively and invest substantially to "drive improved health outcomes, access and affordability."
“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, in an email sent to WJCT News. “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.”
GuideWell is a not-for-profit company that serves more than 45 million people in 45 states, while Triple-S Management Corp. serves more than 1 million customers in Puerto Rico, or nearly one-third of the island’s population.