Honeycomb Investment Trust PLC (LSE:HONY) confirmed that it has completed its all-share merger with Pollen Street Capital, its privately owned investment manager.
The agreement was initially announced in February and shareholders approved the combination in June, with 85% of votes in favour.
Assets under management at Pollen stood at £3.2bn as of 30 June 2022, up from £3bn at the end of last December.
Lindsey McMurray, who was managing partner of Pollen Street and is now chief executive of the enlarged group, said completion of the merger, "means that the combined group now has the capacity to expand existing strategies, and to build out new strategies to drive growth".
She added: "With Honeycomb's capital and Pollen Street's expertise, the combined group will provide outstanding returns for existing shareholders and present an exceptional opportunity for prospective investors."
Honeycomb chairman Robert Sharpe said since the deal was announced the rationale "has only been reinforced, as we've seen Pollen Street grow and deliver returns in the face of uncertain market conditions".
"Completion of the combination allows us to accelerate that growth and unlock significant value for shareholders through a compelling model of income and growth."
With 29,472,663 new ordinary shares issued to the Pollen Street shareholders and admitted to trading, Honeycomb shareholders intially own 54.47% of the enlarged company, while Pollen Street shareholders own 45.53%.
Based on the 68,922,582 ordinary shares in issue and the 800p closing price on Thursday, the enlarged company had a market cap of £551.4mln.
Joining McMurray on the Honeycomb board, Julian Dale has been appointed chief financial officer.
Honeycomb has also, as planned, upsized its debt facilities "to provide long-term debt visibility and a lower blended margin".