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 in aggregate incremental cash.
Key figures
- Deal Value Usd
- 11000000
- Escrow amount
- 1.65 million
- Term debt retired
- 4.4 million
- Restricted cash release
- 1.0 million
- Incremental cash aggregate
- 7.6 million
- Net proceeds at closing est
- 5.0 million
- Annual interest expense eliminated
- 1.0 million
AI analysis
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