BlackRock-TiL Consortium agrees acquisition of Panama Canal ports from CK Hutchison

The BlackRock-Terminal Investment Limited (TIL) Consortium has agreed the US$22.8m acquisition of 43 ports globally from CK Hutchison Holdings Limited, including the ports of Balboa and Cristobal in Panama. 

The acquisition relates to Hutchison Port Holdings’ (HPH) 90% interests in Panama Ports Company (PPC), which owns and operates Balboa and Cristobal, and CK Hutchison’s 80% effective and controlling interest in subsidiary and associated companies owning, operating developing ports across 23 countries. 

Frank Sixt, CK Hutchison co-managing director, said: “This transaction is the result of a rapid, discrete but competitive process in which numerous bids and expressions of interest were received. As a result, the transaction value agreed in principle is compelling, and the transaction is clearly in the best interests of our shareholders.