Posted on March 5, 2025
BlackRock, its subsidiary Global Infrastructure Partners and Terminal Investment Limited have inked a $23 billion deal to acquire majority stakes in two ports in Panama from CK Hutchison.
The deal is an opportunistic move as China’s involvement with the ports has raised concerns from the Trump administration, according to PitchBook analyst Jonathan Geurkink.
China has been using the ports to build out infrastructure throughout South America, and they could have military uses in addition to the commercial uses.
As part of the deal, the consortium is also set to acquire subsidiaries and associated companies related to the management of the ports.
For BlackRock, this is an opportunity to leverage gains from its infrastructure business amid rising geopolitical tensions.
This deal also marks BlackRock’s first significant investment since it acquired Global Infrastructure Partners in January last year. Bloomberg reports the firm is nearing the close of a $25 billion raise for its latest flagship fund.
Infrastructure (along with private credit) drove net inflows of $9 billion for BlackRock in 2024, the firm noted in its Q4 earnings results. This included realizations of $13 billion primarily from private equity, private credit and infrastructure strategies.
