Two major ports near the Panama Canal, owned by Hong Kong’s richest man Li Ka-shing, are to be sold to an American consortium.
The deal, which comes amid Donald Trump’s decision to return the canal to US ownership, is worth $22.8 billion, according to the Financial Times. The consortium, which will take control of the ports in Panama, includes BlackRock, Global Infrastructure Partners and Terminal Investment. The group will acquire 90% of the shares of Panama Ports Company, a subsidiary of Hong Kong-based CK Hutchison, which manages the facilities, the American investors said in a statement.
The deal also includes the purchase of 80% of the shares of CK Hutchison’s port subsidiaries, which own 43 ports in 23 countries, including the UK and Germany, the Middle East, Mexico and Australia, as well as Southeast Asia.
On his inauguration day, January 20, Trump said the US would retake control of the Panama Canal. He claimed that American ships and warships were being grossly overcharged to pass through the canal. CK Hutchison co-managing director Frank Sixt, however, said the deal was “purely commercial” and unrelated to recent political news “concerning Panamanian ports.”
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