Reliance Global Group Inc. has announced the signing of a non-binding Letter of Intent to sell its wholly owned subsidiary, Fortman Insurance Agency, for $5 million in cash. The transaction is expected to unlock capital for Reliance's planned acquisition of Spetner Associates, a growing insurance platform. CEO Ezra Beyman highlighted that the sale, which represents a premium over the original acquisition cost of Fortman, aligns with the company's strategy to enhance shareholder value and pursue growth opportunities. The proceeds from the sale will bolster Reliance's cash reserves to support the Spetner acquisition. The transaction is subject to customary due diligence and negotiation of definitive documentation.
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