M&A · Financials · Accident & Health Insurance
GuideWell to acquire Triple-s Management Corp
Announced Aug 24, 2021 · Closed Feb 1, 2022
Deal value$900M
Premium49.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$36.00 per share
Transaction
- Acquirer
- GuideWell
- Target
- Triple-s Management Corp (GTS)
- Buyer type
- Strategic
- Offer price per share
- $36.00
- Enterprise value
- —
- Status
- Closed Feb 1, 2022
Deal protections
- Break fee (target pays)
- $18.0M · 2.0%
- Reverse fee (buyer pays)
- $18.0M · 2.0%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- JPMorgan
- To the target
- Goldman Sachs
- Goldman Sachs fee
- $11.6M
Sector context · Financials
- Comparable deals
- 51 in the prior 24 months
- Premium
- 49.0% vs. 35.9% sector median
- EV / Adj. EBITDA
- Sector median 21.6x
- Break fee
- 2.0% vs. 3.7% sector median
Timeline
- AnnouncedAug 24, 2021
- Proxy filedSep 24, 2021
- Definitive proxyNov 4, 2021
- Shareholder voteDec 10, 2021
- ClosedFeb 1, 2022
Valuation · fairness opinions
Discounted cash flow$33.60$45.28
Future share price$23.46$45.00
Precedent transactions$32.31$60.48
Premiums paid$27.78$35.51
Offer $36.00
Implied value per Triple-s Management Corp share by analysis, from Goldman Sachs · DCF discount rate 9%–11.5%.