Ogunlesi
Hong Kong-based conglomerate CK Hutchison Holdings has agreed to sell its shares in Hutchison Port Holdings and Hutchison Port Group Holdings to a consortium led by Global Infrastructure Partners, a subsidiary of BlackRock Inc.
The deal, valued at approximately $23 billion, including $5 billion in debt, will give the BlackRock consortium control over 43 ports in 23 countries.
The sale includes ports in Panama, Mexico, the Netherlands, Egypt, Australia, Pakistan, and other countries.
Notably, about 70% of the sea traffic crossing the Panama Canal leaves or goes to US ports.
The US built the canal in the early 20th century, and it remains a critical waterway for global trade.
The deal has sparked interest due to its strategic implications.
In 2020, former US President Donald Trump alleged Chinese interference with the shipping line operations, raising concerns about national security.
Nigerian billionaire Adebayo Ogunlesi’s firm, Global Infrastructure Partners, will operate the deal in collaboration with Terminal Investment Limited (TIL).
The sale is expected to have significant implications for global trade and shipping.
