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BlueCross BlueShield of Oklahoma
Tulsa, OK

Industry: Healthcare / Services
Transaction: Merger with Strategic Company


BlueCross BlueShield of Oklahoma ("BCBS-OK") is a not-for-profit medical service and indemnity corporation providing benefit plans to more than 800,000 Oklahoma residents.

GMB was retained by BCBS-OK to assist with its merger with another BCBS entity, Health Care Service Corporation ("HCSC"), a Mutual Legal Reserve Company, d/b/a BlueCross BlueShield of Illinois, Texas and New Mexico. Previously, GMB had completed similar transactions with BlueCross BlueShield of Colorado and BlueCross BlueShield of New Mexico. Given the complexity of the transaction, BCBS-OK sought out GMB for its experience with the process, particularly relating to regulatory issues.

GMB educated BCBS-OK's board regarding the specifics of the merger, provided a valuation and fairness opinion and worked through the necessary regulatory issues in advising BCBS-OK through its successful merger with HCSC. The transaction was structured as an acquisition of subscribers, assets and liabilities in a non-cash merger of the two mutual not-for-profit insurance companies.

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"We are pleased with the terms of this transaction and the opportunities it creates for our members and our business. GMB did an outstanding job in representing our interests, and in making intelligent, thoughtful recommendations. The transaction allows us to reposition our company for the future, both financially and competitively, by becoming part of a larger Blue Plan which, like BCBS-OK, is non-investor owned and committed to serving its members."

- C. Wyndham Kidd, Jr., President, BlueCross BlueShield of Oklahoma