BlackRock inks $23B deal for Panama Canal ports

BlackRock on Tuesday announced the purchase of the ports at the Panama Canal that President Donald Trump raised security concerns regarding their connections to China.

BlackRock announced the $22.8 billion deal with CK Hutchison's subsidiary Hutchison Port Holdings, which will see the firm acquire the Panama ports of Cristobal and Balboa, which are located at the Atlantic and Pacific ends of the canal, respectively. It will also acquire Hutchison's controlling interest in 43 ports in 23 other countries. -- More...

(Collin Rugg)--NEW: BlackRock to take over key Panama Canal ports from a Hong Kong-based firm following President Trump's criticisms of China's influence on the canal.

U.S. firms led by BlackRock are taking over two important ports for nearly $23 billion.

"China is operating the Panama Canal. And we didn’t give it to China. We gave it to Panama, and we’re taking it back," Trump said a month ago.

"The deal would shift control of the strategic ports of Balboa and Cristobal into American corporate hands, a move that aligns with the Trump admin's concerns over foreign influence near the canal," the New York Post reported.