Ogunlesi leads BlackRock’s takeover of key Panama Canal ports

Nigerian mogul and the Founding Partner, Chairman, and Chief Executive Officer of Global Infrastructure Partners (GIP), Adebayo Ogunlesi, is leading an acquisition that will see BlackRock, the world’s largest asset manager, take control of key port operations near the Panama Canal.

This move, led by Ogunlesi, marks a strategic expansion of BlackRock’s infrastructure investments, further solidifying GIP’s position as a global leader in infrastructure management.

The acquisition, valued at approximately $23 billion, involves the purchase of two crucial ports at either end of the Panama Canal, along with over 40 other port assets from the Hong Kong-based conglomerate CK Hutchison. The deal represents BlackRock’s largest infrastructure transaction to date and is being executed through GIP, the investment firm Ogunlesi founded, which BlackRock acquired last year for nearly $13 billion.

Under Ogunlesi’s leadership, GIP has developed a reputation for managing world-class infrastructure assets, overseeing over $100 billion in assets, including ports, airports, and data centers. The Panama Canal deal is set to enhance BlackRock’s global portfolio and strengthen its position in the critical logistics and transportation sector.

ALSO READ: KENYA: BRITAM PROFIT JUMPS 53.5% FOR FOURTH STRAIGHT YEAR

Speaking on the transaction, Ogunlesi emphasized the strategic value of the acquisition and the long-term vision for the ports. “We are delighted to partner with Terminal Investment Limited (TiL) and MSC, with whom we have a longstanding and productive relationship, to acquire key port assets from Hutchison Ports Holdings. Given GIP’s deep expertise in infrastructure investment, we are committed to ensuring these assets remain globally competitive, efficient, and service-driven,” he said.

The deal also aligns with BlackRock’s broader ambition to expand its footprint beyond traditional investment management. By leveraging GIP’s extensive expertise in infrastructure operations, the firm is positioning itself as a dominant player in global infrastructure investment. BlackRock Chairman and CEO Larry Fink described the agreement as a testament to the firm’s ability to drive long-term, strategic investments that benefit both its clients and the broader economy.

The acquisition process, which began as discreet negotiations between the BlackRock-led consortium and CK Hutchison, has drawn significant interest due to the geopolitical implications of the deal. The Panama Canal, a critical gateway for global trade, has been a focal point of U.S. political discourse, with former President Donald Trump expressing concerns over foreign control of its surrounding assets. However, Panamanian President José Raúl Mulino downplayed the geopolitical angle, emphasizing that the transaction is a private commercial deal driven by mutual interests.

As negotiations near completion, BlackRock and its partners, including TiL, have secured exclusive rights to conduct due diligence before finalizing the agreement. The transaction is expected to close in early 2025, pending regulatory approvals and confirmatory due diligence.