Reliance Global signs LOI to sell Altruis Benefit Consulting for $11 million cash
RELI•Reliance Global to sell Altruis Benefit Consulting assets
Reliance Global Group signed a non-binding LOI to sell Altruis Benefit Consulting’s operating assets for USD 11 million in cash.
- Consideration includes about USD 9.35 million at closing, with USD 1.65 million placed in escrow for 18 months.
- Proceeds would retire the Oak Street Funding term loan of about USD 4.4 million, eliminating roughly USD 1 million in annual interest expense.
- The deal is expected to deliver about USD 7.6 million of aggregate incremental cash, including about USD 5 million net at closing and USD 1 million released collateral.
- Closing is targeted within 60 days; Reliance would retain its AI platform, RELI Exchange, and other insurance operations.
