By Eric Revell | Fox Business
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).