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BlackRock has agreed to purchase two major ports on the Panama Canal from its Hong Kong-based owners. This is under pressure from Donald Trump over alleged Chinese influence in the key waterway.
In a clear reference to the port, the US president frequently claimed that “China runs the Panama Canal,” adding that last month “we’ll either get it back or something very powerful will happen.”
According to a company statement on Tuesday, Hong Kong-based port-based owner CK Hutchison will sell the business to consortiums such as BlackRock, Global Infrastructure Partners and Terminal Investment.
With a massive investment in the sector, the consortium will acquire a 90% stake in CK Hutchison subsidiary, which operates two ports in Panama.
The transaction also includes an 80% stake in the port subsidiary of CK Hutchison, which operates 43 ports in 23 countries, including the UK and Germany.
This is a developing story
