JP Morgan Global Growth & Income and Henderson International Income set for merger
22 APR, 2025
JP Morgan Global Growth and Income (JGGI) and Henderson International Income Trust (HINT) have officially advanced their proposed merger, marking a significant consolidation in the global equity income investment trust space. Both boards have confirmed their support and released circulars to shareholders detailing the proposed scheme, which would see HINT roll over into the JGGI mandate.
Shareholder Meetings Set as Deal Progresses
The merger, first proposed on 7 February, is now entering a decisive stage. Shareholders will cast their initial votes in May, with JGGI’s meeting scheduled for 9 May and HINT’s for 12 May. If approved, the merger will complete on 28 May, following a second round of general meetings.
As part of the process, HINT has announced a pre-liquidation interim dividend of 3.9p per share. Notably, shareholders receiving new JGGI shares under the proposed scheme will not be eligible for JGGI’s fourth interim dividend for the year ending 30 June 2025, which will be declared in May.
Mandate Alignment and Scale of Combined Trust
In preparation for the merger, the Henderson trust will begin to realign its assets to fit more closely with JGGI’s portfolio. However, according to JP Morgan, there is already a “significant overlap” of 83% among the top 20 holdings, which should smooth the integration process.
Should the deal go through, JGGI’s assets under management will rise to approximately £3.1 billion, reinforcing its position as the largest trust in the AIC Global Equity Income sector.
