BlackRock inks $23B deal for Panama Canal ports

BlackRock on Tuesday announced the purchase of the ports at the Panama Canal that President Donald Trump raised security concerns regarding their connections to China.BlackRock announced the $22.8 billion deal with CK Hutchison's subsidiary Hutchison Port Holdings, which will see the firm acquire the Panama ports of Cristobal and Balboa, which are located at the Atlantic and Pacific ends of the canal, respectively. It will also acquire Hutchison's controlling interest in 43 ports in 23 other countries.The world's largest asset manager will partner with Terminal Investment Limited (TiL) to operate the ports in concert with the BlackRock subsidiary Global Infrastructure Partners (GIP)."This agreement is a powerful illustration of BlackRock and GIP's combined platform and our ability to deliver differentiated investments for clients," BlackRock chairman and CEO Larry Fink said. "These world-class ports facilitate global growth. Through our deep connectivity to organizations like Hutchison and MSC/TIL and governments around the world, we are increasingly the first call for partners seeking patient, long-term capital. We are thrilled our clients can participate in this investment."Weiter zum vollständigen Artikel bei FOX Business Weiter zum vollständigen Artikel bei FOX Business