An investor group backed by BlackRock agreed to buy a majority stake in the Hong Kong subsidiary that runs ports along either side of the Panama Canal, giving a U.S. firm control of key docks amid pressure from the White House to take them from China.
BlackRock, an American asset manager, is leading a group of investors to acquire two ports at either end of the Panama Canal from the Hong Kong company CK Hutchison for $19 billion.
Hong Kong's CK Hutchison Holdings said on Tuesday a consortium including BlackRock Inc would buy an 80% stake in a unit that controls ports in Panama for an equity value of $14.21 billion. The sale of 90% interest in Panama Ports Company,
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