A consortium of investors led by BlackRock of the US, the world's largest asset manager, agreed on March 4 to buy CK Hutchison Holdings of Hong Kong's Panama Canal port business and other global port assets for $22.8bn.

    The deal is seen as a key move by the US government to strengthen its control over global trade, and marks the exit of Hong Kong capital from the strategic assets of the Panama Canal. Under the agreement, a consortium of BlackRock's Infrastructure Partners and Switzerland's Terminal Investment Ltd (TiL), It will acquire 90 per cent of Panama's Balboa Port (Pacific side) and Cristobal Port (Atlantic side) held by Hutchison Ports, a subsidiary of CK Hutchison.

    The two ports have been operated by CK Hutchison since 1997, and the original control period will be renewed in 2021 until 2047. In addition, the consortium will acquire an 80% stake in Hutchison Ports Group's 43 ports in 23 countries, covering 199 berths and intelligent management systems. The transaction is expected to complete legal proceedings by April 2, 2025, and CK Hutchison expects net proceeds of more than $19 billion.

    Affected by this, the share price of the listed company CK Hutchison rose sharply on March 5, up 21.86%.

    The deal comes against a complex backdrop of geopolitical jockeying. Since 2024, the Trump administration has repeatedly asked the Panamanian government to limit the influence of Chinese capital on the canal, citing "national security" reasons.

    Blackrock CEO Larry Fink said in a statement that the acquisition would "create global returns for investors" and was accused of assuage Republican criticism of its ESG policies. It is noteworthy that TiL in the consortium belongs to the world's second largest shipping company Mediterranean Shipping (MSC), which has continued to expand its terminal network in recent years through the acquisition of assets such as the Port of Hamburg, and this cooperation may reshape the global port competition landscape.

    The deal sparked a backlash in Panama. Nehemias Jaen, a former diplomat, criticized the government for "sacrificing sovereignty to pander to the United States," fearing damage to the country's reputation for investment protection. Analysts point out that the United States indirectly controls the canal hub through capital operations, avoiding the international law controversy of directly taking over the canal, and realizing the potential influence of 6% of the world's seaborne trade

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