By Mackenzie Tatananni

BlackRock said it had agreed to a $22.8 billion deal to take majority stakes in ports on both side of the Panama Canal, removing them from the control of a Hong Kong-based company.

The agreement, which was announced through a joint statement from BlackRock and multinational conglomerate CK Hutchison Holdings on Tuesday, brings two major ports under American corporate ownership.

CK Hutchison said it would sell all shares in Hutchison Port Holdings and all shares in Hutchison Port Group Holdings. The subsidiaries hold 80% of the Hutchison Ports group, which oversees 43 ports in 23 countries.

BlackRock agreed to acquire a 90% interest in Panama Ports Company alongside Global Infrastructure Partners, the infrastructure investment firm it acquired in 2024, and container terminal group Terminal Investment. Panama Ports owns and operates the ports of Balboa and Cristobal in Panama.

Shares of BlackRock were down 3.1% to $936.61 on Tuesday, while U.S.-listed shares of CK Hutchison surged 13% to $5.60.

The development came after months of threats and mounting pressure from President Donald Trump, who, at the beginning of February, vowed to "take back" the canal.

"China is running the Panama Canal that was not given to China, that was given to Panama foolishly, but they violated the agreement," Trump said in remarks at Joint Base Andrews on Feb. 5.

Panama President Jose Raul Mulino repeatedly has pushed back on Trump's claims that China has been given a role in operating the canal.

However, Mulino said Panama would not renew membership in Beijing's Belt and Road Initiative following talks with Secretary of State Marco Rubio in February.

Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com

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March 04, 2025 12:22 ET (17:22 GMT)

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