The deal comes after U.S. President Donald Trump repeatedly threatened to take control of the Panama Canal and end what he sees as China’s influence over the waterway critical to global trade.

TiL Consortium and CK Hutchison (CKHUY) announced that they have reached in principle agreements whereby the BlackRock-TiL Consortium will acquire: HPH’s 90% interests in Panama Ports Company, which owns and operates the ports of Balboa and Cristobal in Panama;