BlackRock Buys Panama Canal
President Donald Trump has praised a deal in which BlackRock will purchase most of Hong Kong conglomerate CK Hutchison’s $22.8 billion ports business, which includes properties along the Panama Canal.
The American consortium will gain control of important Panama Canal ports in response to White House demands to take them away from what it claims had Chinese ownership.
The Terminal Investment and Global Infrastructure Partners are part of the consortium and will control 43 ports comprising 199 berths in 23 countries.
Trump’s late-night speech stated “My administration will be reclaiming the Panama Canal, and we’ve already started doing it. A major American corporation just declared today that it is purchasing the ports surrounding the Panama Canal and numerous other items related to Panama Canal and a few other canals. “.
Li Ka-shing, a billionaire tycoon, owns CK Hutchison, which operates in different industries, including telecom, retail, and infrastructure.
The conglomerate said that the sale of the ports unit does not include any interest in Hutchison Port Holdings HPH Trust, which operates ports in Hong Kong, Shenzhen, South China, or other ports in China.
The deal with the BlackRock-led consortium includes 90% of Panama Ports Company, which has operated the Balboa and Cristobal ports at each end of the canal for over two decades, CK Hutchison said.
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