Troubled claims service provider Stream Group’s New Zealand subsidiary Symetri is selling its operating business and most of its assets to Gallagher Basset, in a deal worth at least $NZ7 million ($6.73 million).

It will retain Symetri Technology, which owns the proprietary intellectual property used in the Symetri claims management business.

Stream will exit the business after the sale, leaving its main income source as Symetri Technology and cash investment.

Under the agreement announced on Friday, Gallagher Basset will pay $NZ7 million upon completion of the sale and an earnout payment capped at $NZ18 million ($17.33 million).

“On completion of the agreement… the company will have exited all of its claims management businesses,” Stream says. “The only remaining business will be Symetri Technology. The company intends to continue to own and expand this business.”

The sale requires approval from shareholders, who will vote on March 1.

Stream has taken drastic action in recent months to clear its debts, including putting its Australian unit into voluntary administration and selling the money-losing UK business and Censeo Engineering consultancy.