We are advising Triple-S on the transaction

Davis Polk is advising Triple-S Management Corporation in connection with its approximately $900 million acquisition by GuideWell Mutual Holding Corporation. In the transaction, GuideWell will acquire all the outstanding shares of Triple-S Management common stock for $36.00 per share in cash. The transaction is expected to close in the first half of 2022, subject to satisfaction of normal closing conditions, including customary state and federal regulatory review and approval as well as approval by Triple-S Management shareholders.

Triple-S Management, a health services company, serves more than 1 million customers in Puerto Rico, which represents nearly one-third of the island’s population. With over 60 years of experience, it is the premier insurance and managed care brand, with the largest customer base and broadest provider networks on the island. Triple-S Management has the exclusive right to use the Blue Cross Blue Shield name and mark throughout Puerto Rico, the U.S. Virgin Islands, Costa Rica, the British Virgin Islands and Anguilla, and offers a broad portfolio of managed care and related products in the commercial, Medicare Advantage and Medicaid segments.

GuideWell is a not-for-profit mutual holding company and the parent to a family of forward-thinking companies focused on transforming health care. The GuideWell organization includes Florida Blue, the leading health insurance company in Florida. In total, GuideWell and its affiliated companies serve more than 45 million people in 45 states. 

The Davis Polk corporate team includes partner Phillip R. Mills and associates Malik M. Khalil and Shaoting Qin. The executive compensation team includes partner Kyoko Takahashi Lin and associate Melissa Esposito. Partner Nicholas A. Kronfeld is providing capital markets advice. Partner Ronan P. Harty is providing antitrust and competition advice. Partner William A. Curran is providing tax advice. Partner Pritesh P. Shah is providing intellectual property advice. Partner Brian D. Hirsch is providing real estate advice. All members of the Davis Polk team are based in the New York office.

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