BlackRock Agrees to Buy Panama Canal Ports in Win for Trump Effort to Reassert U.S. Influence

A group of investors led by BlackRock, the world’s largest asset manager, is buying a majority stake in ports on both sides of the Panama Canal from Hong Kong-based CK Hutchison for nearly $23 billion, the companies announces Tuesday.

The deal brings ownership of key Panama Canal ports back into American hands, making it a win for President Donald Trump, who has warned against the perils of China’s growing amount of influence over the canal.

“This agreement is a powerful illustration of BlackRock and GIP’s combined platform and our ability to deliver differentiated investments for clients,” BlackRock CEO Larry Fink said in an official press release.