07 December 2008

Triple-S to acquire La Cruz Azul...

A Puerto Rican managed-care company that’s a subsidiary of Independence Blue Cross will be sold Triple-S Management Corp.
Philadelphia Business Journal

Triple-S has signed a nonbinding letter of intent to acquire La Cruz Azul de Puerto Rico Inc.

Finanical terms of the deal have not yet been finalized, the companies said.

The completion of the sale is subject to final due diligence and approvals from the Insurance Commissioner of Puerto Rico and the Blue Cross Blue Shield Association.

Triple-S (NYSE:GTS), of Puerto Rico, plans to fund the acquisition with cash and expects to complete the acquisition by the end of the first quarter of next year.

La Cruz Azul de Puerto Rico had premium revenue of $88 million last year.

Health insurer Independence Blue Cross is based in Philadelphia.

link to article

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