Reliance Global signs LOI to sell Altruis Benefit Consulting for $11 million cash

Reuters2026/08/03 12:32

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Reliance Global Group signed a non-binding LOI to sell Altruis Benefit Consulting assets for USD 11 million in cash.
USD 9.35 million due at closing; USD 1.65 million placed in interest-bearing escrow for 18 months.
Proceeds expected to retire about USD 4.4 million Oak Street Funding term loan, eliminating roughly USD 1 million annual interest expense.
Transaction forecast to generate about USD 7.6 million incremental cash, including USD 5 million net at close and USD 1 million restricted cash release.
Closing targeted within 60 days; Reliance would retain its AI platform, RELI Exchange, and other insurance operations.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Reliance Global Group Inc. published the original content used to generate this news brief via GlobeNewswire (Ref. ID: 202608030830PRIMZONEFULLFEED9802290) on August 03, 2026, and is solely responsible for the information contained therein.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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Reliance Global signs LOI to sell Altruis Benefit Consulting for $11 million cash

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