Florida Blue parent company GuideWell finalized its acquisition of Puerto Rico-based Blue Cross Blue Shield affiliate Triple-S Management Corp., according to a news release shared with Becker's.
The payer announced its intent to acquire Triple-S for $900 million in August 2021. The move would strengthen the companies' footholds in Florida and Puerto Rico.
"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 Pat Geraghty, GuideWell and Florida Blue president and CEO. "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."
The move brings the parties' combined membership to 46 million people across 45 states and Puerto Rico.
To celebrate the transaction, GuideWell and Florida Blue will donate a total of $1.25 million to the Triple-S Foundation and the Hispanic Federation of Orlando — both of which support Puerto Rican communities.