Reliance Global signs LOI to sell Altruis Benefit Consulting for $11 million cash
RELI•Debt repayment and cash impact
The company said the proceeds are expected to retire about $4.4 million of its Oak Street Funding term loan, which would eliminate roughly $1 million in annual interest expense.
Reliance Global said the transaction is forecast to generate about $7.6 million in incremental cash, including $5 million net at close and a $1 million restricted cash release.
Closing timeline and retained businesses
Closing is targeted within 60 days.
Reliance said it would retain its AI platform, RELI Exchange, and other insurance operations.
Non-binding LOI to sell Altruis Benefit Consulting assets
Reliance Global Group signed a non-binding letter of intent to sell the assets of Altruis Benefit Consulting for $11 million in cash.
- $9.35 million would be due at closing.
- would be placed in interest-bearing escrow for 18 months.
