The deal was finalized Wednesday night.
The Blazers had been shopping Batum in recent days, and the deal gives them an intriguing young player, Vonleh, who is 19 years old with significant talent and work ethic. Vonleh was Charlotte's pick at No. 9 overall in the 2014 NBA Draft.
Henderson gives the Blazers a solid shooting guard to plug into the lineup with Arron Afflalo opting out of his contract.
Despite the impending free agency of All-Star forward LaMarcus Aldridge, Portland didn't make the trade as a first step in rebuilding, league sources told Yahoo Sports. Aldridge was aware of the deal, sources said. The trade gives Portland greater financial flexibility and an intriuging young talent in Vonleh.
Portland clears $3 million in salary-cap space with the trade.
For the Hornets, Batum is an athletic, playmaking wing that they've been searching for in trade proposals in recent days. He struggled last season, averaging 9.4 points, 5.9 rebounds and 4.8 assists, but enters a contract year with Charlotte.
Charlotte was reluctant to part with Vonleh, a 6-foot-10 forward with immense potential. Charlotte had been discussing possible deals involving starting forward Cody Zeller, but ultimately decided to part with Vonleh.
Batum has one year left on his contract, and Charlotte would own his Bird Rights with the inside track on re-signing him to an extension next year.
Charlotte has been intrigued with Wisconsin's Frank Kaminsky with the No. 9 overall pick, league sources said. Kaminsky hasn't worked out for the Hornets, but league sources believe that owner Michael Jordan has great interest in him. Charlotte also is looking hard at Arizona's Stanley Johnson and Kentucky's Devin Booker at No. 9.
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