Henderson Group today completed its £107m purchase of New Star Asset Management.
Henderson said the consideration due to the struggling fund manager’s preference shareholders had been settled today through a £45.5m cash payment and the issuing of 25.7m new shares.
Up to £2.9m is expected to be paid to directors and other employees within the business, as well as 1.65m shares after 30 September 2009.
Henderson started looking at its distressed rival in November last year.
Henderson’s shares opened at 82p today, 41% higher than its year low of 48p set in October last year.