GuideWell, the parent company of Blue Cross and Blue Shield of Florida, has closed its acquisition of Triple-S Management Corporation, a Puerto Rico-based health services company.
The deal was first announced in September.
GuideWell acquired all shares of Triple-S at $36 per share in cash, according to an announcement from the company. Triple-S will now operate under its existing branding as a wholly owned subsidiary of GuideWell.
“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 in a statement.
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“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," Geraghty said.
GuideWell said it expects the combination to improve care and accessibility for people living in both Puerto Rico and Florida, according to the release. The combined companies serve 46 million people across 45 states and Puerto Rico, GuideWell said.
To mark the deal's closure, GuideWell will donate $1 million to the Triple-S Foundation, and Florida Blue will donate $250,000 to the Hispanic Federation of Orlando.
“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 in a statement.