WINTER PARK, Fla. – A new healthcare acquisition is poised to transform the healthcare experience for people in Florida and Puerto Rico.
Last month, GuideWell Mutual Holding Corporation, the parent company of Blue Cross and Blue Shield, announced they are acquiring Triple-S Management, which is a leading healthcare services company in Puerto Rico.
“We hope that when we close this, we’ve got the combination that allows us to do a better job for people in Florida and for people in Puerto Rico,” Pat Geraghty, the president and CEO of GuideWell and Florida Blue said.
Geraghty and Roberto Garcia, the president and CEO of Triple-S Management Corporation, spoke to News 6 about the acquisition and how it will benefit the growing Hispanic population in Central Florida, as well as customers in Puerto Rico.
“We feel having access to the scale and the complimentarily skill sets and the bandwidth that GuideWell brings to the table, we’ll be better able to serve Puerto Rico and hopefully contribute as well to a better understanding of the unique needs of the Hispanic communities in Florida as well,” Garcia said.
Garcia shared examples of the unique needs of Hispanic populations, saying the community sees higher cases of certain conditions, such as diabetes.
“There can be numerous factors that contribute to that, but it’s allowed us to gain some deep understanding of how programs can be developed to address those specific conditions,” Garcia said.
In a news release, GuideWell said “the combination brings together industry leaders -- and builds on the companies’ complementary assets, cultures and strategic visions.” Geraghty added Triple-S Management is well known in Puerto Rico and many will recognize the brand in Central Florida.
“It’s human nature to be comfortable in something that you know and a relationship that you’ve had. The Triple-S name goes a long way in that regard, so we’re excited about the combination and all the things that we can do with each other,” Geraghty said.
Geraghty adds this combination is a natural next step as Puerto Rico’s outlook strengthens and Florida is experiencing fast-paced growth in its Puerto Rican and Hispanic populations.
“What we’ve seen and learned is more about how the Hispanic culture embraces their healthcare on an almost full family basis, often times multigenerational in terms of care giving and in terms of how they engage the healthcare system,” Geraghty said. “I think that sensitivity is helpful to us as we continue to build out our presence in the Hispanic community.”
The companies said the acquisition will expand their scale and reach, allowing them to address healthcare affordability and continue to invest in accessible, effective health solutions, especially as overall healthcare costs continue to rise.
According to a news release, under the terms of the definitive agreement, GuideWell will acquire all the outstanding shares of Triple-S Management common stock for $36 per share in cash, representing a premium of approximately 49% to Triple-S Management’s 90-day volume-weighted average trading price. The company said the transaction equity value is approximately $900 million.
Once the transaction is completed, Triple-S Management will become a subsidiary of GuideWell. The company said it will continue to operate under the Triple-S Management brand.
GuideWell said the transaction is expected to close during the first half of 2022.
“Still early days in the process. We’re just beginning with implementation planning, but it all looks very promising at this stage,” Garcia said.