Is China surrendering to Trump's will? - Panama's ports will be purchased by the American company BlackRock
Hong Kong giant Hutchison has decided to put up for sale the ports it controls at the entrance and exit of the Panama Canal, as well as other port facilities around the world. The buyer is an American consortium led by the American asset management company BlackRock.
The transaction is estimated to be worth around $19 billion. The transfer comes as Donald Trump continues to denounce alleged Chinese control of the Panama Canal. In short, the transaction also has a political overtone: a way for Hong Kong giant Hutchison to profitably distance itself from the area.
At the moment, only an agreement in principle has been reached for the acquisition by a BlackRock-led consortium of the units that hold 80% of the Hutchison Ports group. BlackRock and its Global Infrastructure Partners unit, together with the ports division of the Mediterranean Shipping Company, will also acquire 90% of the Ports of Panama, which manages the two Balboa and Cristobal ports.
According to sources close to the parties, the Trump administration and members of the United States Congress have been informed of the deal, but at this time neither the White House nor the Panamanian presidential office have commented. The purchase of the ports, however, will require government approval.
BlackRock's Global Infrastructure Partners is reportedly building one of the world's largest infrastructure funds. The group is in fact raising a massive $25 billion for its fifth major fund, Gip Fund V. Gip is no stranger to these kinds of ventures. In 2019, it raised about $22 billion for its fourth fund, which has already been invested. This time, it's aiming for $25 billion, but could even surpass that. And it's already eyeing the ports of Panama.
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