By Jack Pitcher
A consortium of investors led by BlackRock has agreed to buy majority stakes in ports on both sides of the Panama Canal from CK Hutchison for $22.8 billion, the companies said Tuesday.
The deal would bring the key ports under American corporate ownership, from Hong Kong-based CK Hutchison.
BlackRock, its new infrastructure arm Global Infrastructure Partners, and Geneva-based Terminal Investment agreed to acquire a 90% interest in Panama Ports. The company owns and operates the ports of Balboa and Cristobal in Panama, along with CK Hutchison's controlling interest in 43 other ports in 23 countries.
In acquiring GIP last year, Chief Executive Larry Fink bet that private infrastructure assets would help drive his firm's next wave of growth. GIP operates energy, transportation, and waste and water companies around the world, along with London Gatwick Airport, U.S. natural-gas pipelines and data centers.
Write to Jack Pitcher at jack.pitcher@wsj.com
(END) Dow Jones Newswires
March 04, 2025 10:54 ET (15:54 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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