GuideWell Finalizes Acquisition of Triple-S (GTS)

GuideWell Mutual Holding Corporation ("GuideWell"), parent of Blue Cross and Blue Shield of Florida, Inc. ("Florida Blue"), has closed on its acquisition of Triple-S Management Corporation (NYSE: GTS) ("Triple-S"), a leading health care services company in Puerto Rico, the companies announced today. GuideWell acquired all outstanding shares of Triple-S Management common stock for $36.00 per share in cash.

With the completion of the transaction, Triple-S is now a wholly-owned subsidiary of GuideWell and will continue to operate under the Triple-S brand. Triple-S Management's providers, members and community partners will continue working with the Triple-S Management staff. Combined, the companies now serve more than 46 million people in 45 states and Puerto Rico.

The transaction brings together two mission-driven, community-focused companies that will be well equipped to improve health outcomes, affordability, access and equity in both Florida and Puerto Rico.

To mark the combination, GuideWell also announced that it is donating $1 million to the Triple-S Foundation, which will be distributed to organizations that support the health and well-being of Puerto Ricans with a focus on addressing food insecurity and social isolation among vulnerable populations. Additionally, Florida Blue will make a $250,000 donation to the Hispanic Federation of Orlando, a nonprofit viewed as a trusted voice by the Puerto Rican community that serves as a one-stop assistance center.

"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. "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."

"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.

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