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Fidelity European Trust PLC on Friday confirmed it will acquire £462.7 million in net assets from Henderson European Trust PLC after shareholders approved the merger. Both firms are FTSE250-listed investors in European equities. Their respective managers are Bermuda-headquartered Fidelity International Ltd and London-based Janus Henderson Group PLC. Henderson European shareholders approved the combination on Friday. The deal is structured as a voluntary wind-up of Henderson European, with part of assets being transferred to Fidelity European. In exchange, the latter is issuing 111.9 million new shares to Henderson European investors, unless they choose the cash option, which is limited to a third of Henderson European shares. The number of shares issues was determined on a formula asset value for formula asset value basis, resulting in an approximate conversion ratio of 0.510196 new shares for every Henderson European rollover share. Fidelity European shares were 0.6% higher at 407.00 pence on Friday afternoon in London. Henderson European shares were last publicly traded at 200.59p. Admission of the combined company’s shares to London’s Main Market is expected on Monday. Fidelity European in June estimated that the new vehicle’s net assets will exceed £2.1 billion. The enlarged Fidelity European Trust plans to maintain its existing investment policy and portfolio managers. ‘We aim to be the ’go to trust’ for investing in Europe as the company is well positioned to continue to deliver attractive returns, with shareholders also benefitting from a reduced management fee and a lower ongoing costs ratio,’ commented Fidelity European Chair Davina Walter. The merger continues a trend of similar deals among investment trusts. Henderson European Trust itself was the result of last year’s merger between Henderson European Focus Trust PLC and Henderson EuroTrust PLC. Separately in February, Henderson International Income Trust PLC agreed to merge with JPMorgan Global Growth & Income PLC. This followed the latter’s combination with JPMorgan Multi-Asset Growth & Income last year, and its tie-up with JPMorgan Elect PLC and Scottish Investment Trust in 2022. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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