After President Donald Trump sharply criticized China’s influence over the Panama Canal, a BlackRock-led investment group reportedly will buy majority stakes in ports on both sides of the canal for $22.8 billion.
The deal would provide U.S.-based private investment on traffic in the canal, as BlackRock takes over majority ownership from Hong Kong-based CK Hutchison, The Wall Street Journal reported Tuesday.
“China is operating the Panama Canal, and we didn’t give it to China,” Trump said in his inaugural address Jan. 20, noting that former Democrat President Jimmy Carter gave the U.S.-built canal to Panama in a 1977 treaty.
Under the BlackRock agreement with CK Hutchison, Panama Ports would give 90% interest to BlackRock’s new infrastructure arm Global Infrastructure Partners and Geneva-based Terminal Investment.
