08 Apr $23BN Deal Sees Panama Ports Sold To US Consortium
Hong Kong based logistics organisation, CK Hutchison Holdings has announced plans to sell a majority stake in a business that controls two key ports in Panama to a consortium of US-investment firm BlackRock and MSC of Geneva in a deal worth almost $23bn.
Whilst CK Hutchison (founded by Hong Kong billionaire Li Ka-shing) is not owned by the Chinese government, its base in Hong Kong means it operates under Chinese financial laws. It has operated the ports since 1997.
This deal has the potential to shift the balance of power in global port operations, with the consortium BlackRock-TiLset to acquire 90% of Hutchison’s stake in the Panama facilities as well as the China company’s 80% controlling interest in 199 berths at 43 ports in 23 countries.
With Terminal Investment Limited (TiL) backed by MSC, the world’s largest maritime transport operator, the impact of this sale on the operations of competing shipping companies is yet to be determined. This deal will require approval by the Panamanian government.
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