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news.Triple-S Salud, the managed care subsidiary of Triple-S Management Corporation, an independent licensee of the Blue Cross Blue Shield Association of Puerto Rico completed the acquisition of all of the outstanding capital stock of Socios Mayores en Salud Holdings (SMSH) for $83m in cash.
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SMSH is the parent company of American Health, a provider of Medicare Advantage services to over 40,000 dual and non-dual eligible members in Puerto Rico.
Triple-S Management president and CEO Ramon Ruiz-Comas said the acquisition positions the company for continued growth in the Medicare Advantage segment and is part of its long-term business strategy.
"We expect SMSH to contribute approximately $0.15 to $0.20 cents to our diluted earnings per share, considering a preliminary estimate of intangible assets amortization expense ranging from $10 to $13m," Ruiz-Comas said.