BlackRock’s deal includes the Balboa and Cristobal terminals that handle 40% of the Panama Canal’s container traffic|Americasroof|CC BY-SA 3.0
The world’s biggest asset manager led a consortium that agreed to buy majority stakes in ports at both ends of the Panama Canal from Hong Kong-based CK Hutchison for $22.8 billion.
The deal, which President Donald Trump touted as a positive step in his effort to reclaim the canal for the US, includes 43 ports in 23 countries. The US interest centers on the Balboa and Cristobal terminals that handle 40% of the canal’s container traffic.
Trump previously flagged the ports as a security risk due to China’s influence, though Panama controls the canal. He has even threatened military action to reclaim it.
BlackRock has briefed Congress on the purchase, which could ease concerns over Chinese control. Panama denies any national security threat from the ports.