---
title: "BlackRock GIP and Terminal Investment → CK Hutchison ports portfolio"
url: "https://mahouse.world/ma-deals/blackrock-gip-and-terminal-investment-buy-ck-hutchison-ports-portfolio-2025"
type: "M&A deal"
year: "2025"
---

# BlackRock GIP and Terminal Investment → CK Hutchison ports portfolio

A $22.8bn agreement in principle to sell most of CK Hutchison's ports outside China to BlackRock's infrastructure arm and MSC's terminal business, which became a proxy for US–China rivalry over the Panama Canal and, as of September 2026, remained unfinished.

A sale of 43 ports in 23 countries that stalled on Chinese objections; the two Panama terminals were lost when Panama's Supreme Court annulled their concession in January 2026.

- **Acquirer:** BlackRock GIP and Terminal Investment (United States)
- **Target:** CK Hutchison ports portfolio (Hong Kong)
- **Value:** $22.8B
- **Announced:** March 2025
- **Completed:** Pending
- **Sector:** Transport
- **Deal type:** asset purchase

## Why it mattered

CK Hutchison, controlled by Li Ka-shing's family, describes itself as the world's leading port investor and operator. On 4 March 2025 it announced agreements in principle with BlackRock, its Global Infrastructure Partners unit and Terminal Investment Ltd, the port arm of Mediterranean Shipping Company. The buyers would take 80% of 43 ports with 199 berths in 23 countries and 90% of Panama Ports Company, which runs Balboa and Cristóbal at either end of the canal, at an enterprise value of $22.8bn; terminals in Hong Kong and mainland China were excluded, and CK Hutchison expected more than $19bn in cash. Its shares rose more than 22% the next day.

The timing was political. Donald Trump had accused China of "operating" the canal and Panama had begun auditing the concession; CK Hutchison insisted the sale was purely commercial. Beijing disagreed. Pro-Beijing newspapers attacked it, China's market regulator said it would review the deal and that no transaction could proceed before approval, and the Panama signing expected by 2 April 2025 slipped. By August CK Hutchison said nothing would close in 2025 and that it was talking to a "major strategic Chinese investor", identified by sources as COSCO.

## What it left behind

Panama then removed its terminals from the equation. On 29 January 2026 its Supreme Court declared the concession unconstitutional; the state took over the ports in February, with APM Terminals and MSC — itself one of the buyers — handling interim operations. CK Hutchison and Panama Ports Company have since sought more than $1.5bn and $2bn respectively in arbitration. Talks on the remaining terminals resumed in March 2026, and in April China Merchants joined them as a potential way to help COSCO finance a stake. As of late August 2026 no sale had closed: reports still described a plan to sell to BlackRock, MSC and a strategic investor identified as COSCO, and CK Hutchison's ports division grew revenue 4% in the first half despite losing Panama.

Once a buyer is chosen partly for its nationality, every government with a claim on the assets gains a de facto veto: calling the sale purely commercial did not stop Washington, Beijing and Panama each reshaping it.

Source: https://www.ckh.com.hk/en/media/press_each.php?id=3431