A Hong Kong-based conglomerate, CK Hutchison Holding, has agreed to sell its controlling stake in a subsidiary operating ports near the Panama Canal to a consortium including BlackRock Inc., a deal valued at nearly $23 billion.
The transaction will give the BlackRock consortium control over 43 ports in 23 countries, including the ports of Balboa and Cristobal, and must be approved by Panama’s government, putting the ports under American control.