The News
A BlackRock-led consortium has agreed a $22.8 billion deal to buy two major Panama Canal ports owned by a Hong Kong-based conglomerate amid intense pressure from US President Donald Trump over alleged Chinese interference in the critical trade route.
CK Hutchison’s co-managing director said the deal was “purely commercial in nature and wholly unrelated to recent political news reports concerning the Panama Ports.”
Nevertheless, the sale is a victory for Trump, the Financial Times noted. The president has repeatedly suggested the US could take the canal back, citing national security concerns: The waterway is controlled by Panama, but the ports at either end are privately owned. This deal brings two ports at either entry to the canal under US ownership.
The BlackRock-led group will acquire a 90% stake in current owner CK Hutchison’s subsidiary that operates the two ports, according to a BlackRock statement Tuesday.