Reliance Global Group Signs LOI to Sell Altruis Benefit Consulting for $11 Million in Cash
Reliance Global Group signed a non-binding LOI to sell its Altruis Benefit Consulting subsidiary for $11 million in cash. The transaction is expected to retire the company's entire $4.4 million term debt and generate approximately $7.6 million of aggregate incremental cash, eliminating roughly $1 million in annual interest expense.
Key figures
- Deal Value Usd
- 11000000
- Debt retired
- 4400000
- Escrow amount
- 1650000
- Closing net proceeds
- 5000000
- Incremental cash aggregate
- 7600000
- Interest expense savings annual
- 1000000
AI analysis
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