GuideWell Mutual Holding Corporation’s Acquisition of Triple-S Management Corporation

Cravath, Swaine & Moore, working alongside BVI and Anguilla Counsel Harneys, represented GuideWell, while Davis Polk & Wardell represented Triple-S Management in the transaction.

GuideWell Mutual Holding Corporation (“GuideWell”), a health solutions company and parent of Blue Cross and Blue Shield of Florida, Inc., and Triple-S Management Corporation (“Triple-S Management”), a leading health care services company in Puerto Rico, announced they will combine. Under the terms of the definitive agreement, GuideWell will acquire all the outstanding shares of Triple-S Management common stock for $36.00 per share in cash. The transaction equity value is approximately $900 million. Upon completion of the transaction, Triple-S Management will become a subsidiary of GuideWell and will continue to operate under the Triple-S Management brand.

GuideWell Mutual Holding Corporation is a not-for-profit mutual holding company and the parent to a family of forward-thinking companies focused on transforming health care. 

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. 

J.P. Morgan Securities LLC served as exclusive financial advisor to GuideWell, and Goldman Sachs & Co. LLC served as exclusive financial advisor to Triple-S Management.

The Cravath team was led by partners Minh Van Ngo (Picture) and Andrew M. Wark and included associates Douglas C. Dolan, Catriela Cohen, Andrea Román-González and Jesse P. Houchens on M&A matters; partners Jonathan J. Katz and Matthew J. Bobby, practice area attorney Aaron S. Cha and associates Tiffany B. Wong and David Crampton on executive compensation and benefits matters; partner Margaret T. Segall on antitrust matters; partner Matthew Morreale on environmental matters; practice area attorney Anthony N. Magistrale on intellectual property matters; practice area attorneys Brian M. Budnick and Laurel R. Berkowitz on real estate matters; and associates Arvind Ravichandran and Joana W. Li on tax matters. Jill C. Refvem also worked on M&A matters.

The Davis Polk corporate team included partner Phillip R. Mills and associates Malik M. Khalil and Shaoting Qin. The executive compensation team included partner Kyoko Takahashi Lin and associate Melissa Esposito. Partner Nicholas A. Kronfeld provided capital markets advice. Partner Ronan P. Harty provided antitrust and competition advice. Partner William A. Curran provided tax advice. Partner Pritesh P. Shah provided intellectual property advice. Partner Brian D. Hirsch provided real estate advice.

The Harneys team included Partners George Weston, Russell Willings and Michelle Frett-Mathavious, Counsel Ayana Hull, Senior Associate Kimberly Seagojo, and Paralegal Suzette Phillips.

Involved fees earner: Laurel Berkowitz – Cravath Swaine & Moore; Matthew Bobby – Cravath Swaine & Moore; Brian Budnick – Cravath Swaine & Moore; Aaron Cha – Cravath Swaine & Moore; Catriela Cohen – Cravath Swaine & Moore; David Crampton – Cravath Swaine & Moore; Douglas Dolan – Cravath Swaine & Moore; Margaret Segall D’Amico – Cravath Swaine & Moore; Jesse Houchens – Cravath Swaine & Moore; Jonathan J. Katz – Cravath Swaine & Moore; Joana Li – Cravath Swaine & Moore; Anthony N. Magistrale – Cravath Swaine & Moore; Matthew Morreale – Cravath Swaine & Moore; Arvind Ravichandran – Cravath Swaine & Moore; Jill Refvem – Cravath Swaine & Moore; Andrea Roman?Gonzalez – Cravath Swaine & Moore; Minh Van Ngo – Cravath Swaine & Moore; Andrew Wark – Cravath Swaine & Moore; Tiffany Wong – Cravath Swaine & Moore; William Curran – Davis Polk & Wardwell; Melissa Esposito – Davis Polk & Wardwell; Ronan Harty – Davis Polk & Wardwell; Brian Hirsch – Davis Polk & Wardwell; Malik Khalil – Davis Polk & Wardwell; Nicholas Kronfeld – Davis Polk & Wardwell; Phillip Mills – Davis Polk & Wardwell; Shaoting Qin – Davis Polk & Wardwell; Pritesh P. Shah – Davis Polk & Wardwell; Kyoko Takahashi Lin – Davis Polk & Wardwell; Ayana Hull – Harneys; Michelle Frett-Mathavious – Harneys; Kimberly Seagojo – Harneys; George Weston – Harneys; Russell Willings – Harneys;

Law Firms: Cravath Swaine & Moore; Davis Polk & Wardwell; Harneys;

Clients: GuideWell; Triple-S Management Corporation;