BlackRock's (BLK) Global Infrastructure Partners is set to acquire a 51% stake in two ports along the Panama Canal, while Terminal Investment, or TiL will become the sole owner of the remaining 41 ports in a deal with CK Hutchison, Bloomberg reported Monday, citing unnamed people familiar with the matter.
Geneva-based TiL will hold the remaining 49% of the Panama port assets, which account for about 4% of the total deal value, according to the report. The full transaction is expected to bring in more than $19 billion in cash for Li Ka-shing's CK Hutchison.
The deal is currently pending regulatory approvals, along with due diligence, tax, and accounting reviews, according to the report. Sources said that negotiations are ongoing, and final details, including ownership structure, may still change.
The unnamed sources said BlackRock and Singaporean state investor GIC own a total of 30% minority stake in TiL.
BlackRock, Terminal Investment, and CK Hutchison did not immediately respond to requests for comment from MT Newswires.
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