- GuideWell Mutual Holding Corporation, the parent company of Blue Cross and Blue Shield of Florida and Triple-S Management Corporation (NYSE:GTS) announced a business combination to serve the healthcare needs of their members in Florida and Puerto Rico.
- Per the terms, GuideWell is set to acquire all the outstanding shares of Triple-S Management common stock for $36.00 per share in cash, indicating a premium of ~49% to the 90-day volume-weighted average trading price of Triple-S (GTS).
- Triple-S (GTS) has added ~42.3% in the pre-market in reaction to the deal.
- The transaction, which has an equity value of nearly $900M, is expected to close in H1 2022, subject to customary closing conditions, including the approval of Triple-S Management shareholders.
- In Q2 2021, Triple-S (GTS) recorded $1.0B in operating revenue, implying ~15.1% YoY growth.