BlackRock Strikes Deal for Panama Ports After U.S. Pressure
$22.8 billion acquisition from Hong Kong-based CK Hutchison includes dozens of other ports across the globeA consortium of investors led by BlackRock agreed to buy majority stakes in ports on either end of the Panama Canal, putting U.S. firms in control of two ports that President Trump raised as a security concern because of their connection to china.
“China is operating the Panama Canal. And we didn’t give it to China. We gave it to Panama, and we’re taking it back,” said Trump during his inaugural address. At a January press conference ahead of his inauguration, Trump would not rule out using either military force or economic coercion to take control of the canal once again.
The deal announced Tuesday called for BlackRock and a consortium of fellow investors to spend $22.8 billion to buy the ports of Balboa and Cristobal on either end of the canal from CK Hutchison, a Hong Kong company. It said the deal is an “agreement in principle.”
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