President Trump may be handed a major geopolitical victory concerning the Panama Canal, as a new report indicates that a BlackRock-led consortium has agreed to purchase key ports near the canal currently operated by Hong Kong-based conglomerate CK Hutchison Holdings Ltd. The report follows Trump’s repeated warnings about China’s growing influence over the strategic waterway and comes one month after US Secretary of State Marco Rubio criticized the Panamanian government for allowing Beijing to expand its influence in the region.

Bloomberg provided more color on BlackRock’s deal to purchase the critical ports near the canal:

The agreement was reached alongside a deal in principle for BlackRock and its Global Infrastructure Partners unit, along with Mediterranean Shipping Co.’s ports division, to acquire units that hold 80% of the Hutchison Ports group, which operates 43 ports in 23 countries, the company said Tuesday in a statement.

The consortium will also acquire 90% of Panama Ports Co., which operates the two entryways in Balboa and Cristobal. CK Hutchison said it would receive cash proceeds of about $19 billion from the broader ports deal.

. . .

The deal includes the bulk of CK Hutchison’s ports division, which produced 20% of the conglomerates earnings before interest and tax in the first half of last year and was the company’s third-biggest business.