JPMorgan Global Growth & Income seeks second merger in 12 months

JPMorgan Elect

JPMorgan Global Growth & Income (JGGI) is in talks with JPMorgan Elect (JPE) to merge the two trusts, making it the second merger for the former in under a year.

In a London Stock Exchange notice published today (27 October), it said the two boards had signed Heads of Terms in respect of a proposed merger of the two companies. According to the notice, the merger will be effected by way of a scheme of reconstruction of JPE, which will be absorbed into JPMorgan Global Growth & Income. This is expected to complete by the end of 2022, if it is approved by shareholders of both trusts. If approved, the process will be carried out under section 110 of the Insolvency Act, resulting in the voluntary liquidation of JPE and transfer of assets to JGGI....