In an address to the nation on Tuesday, US President Donald Trump pledged to reclaim the Panama Canal, vowing to fulfil his promise to retake the critical waterway connecting the Atlantic and Pacific oceans — a pledge that has now drawn in some of the biggest names in global finance, including Adebayo Ogunlesi, the Nigerian-born chairman of Global Infrastructure Partners (GIP), who played a key role in the $22.8 billion takeover of 43 ports, including two at either end of the canal.
“We’ve already started doing it,” Trump said, referencing a “large American company” that had, just hours earlier, secured control of the strategically vital ports according to a report in the London Financial Times.
The deal in question is BlackRock’s acquisition of the ports, previously owned by billionaire Li Ka-shing’s CK Hutchison. Trump and top administration figures, including Senator Marco Rubio, were briefed on the transaction by BlackRock’s chief executive Larry Fink before the official announcement.
Fink played a pivotal role in this unusually discreet multibillion-dollar deal, which bypassed the traditional Wall Street advisory frenzy. While private equity giants like Blackstone and KKR reviewed the opportunity, they ultimately stayed on the sidelines.
The transaction highlights how Trump’s rhetoric continues to shape global business decisions — and how swiftly top executives move to align with his agenda. Talks accelerated after Trump’s inaugural speech, where he declared: “China is operating the Panama Canal . . . and we’re taking it back.”
That statement sent shockwaves through CK Hutchison’s Hong Kong headquarters, prompting the company’s leadership to rethink its exposure to politically sensitive assets. Rather than divesting the Panama ports alone — a move that might have drawn more scrutiny — CK Hutchison opted for a broader exit, offloading a major chunk of its global ports portfolio, a core business since the 1990s.
The bold move paid off. CK Hutchison’s share price surged more than 20% after the announcement, and the sale is expected to generate $19 billion in cash. Some of that windfall will likely flow back to shareholders through dividends or stock buybacks.
Negotiations moved at breakneck speed, concluding within weeks through video calls and phone conversations. Key figures in the talks included Larry Fink at BlackRock, Adebayo Ogunlesi at GIP, and the billionaire father-son duo Li Ka-shing and Victor Li.
Also central to the discussions was Diego Aponte, whose family controls Mediterranean Shipping Company (MSC). MSC, a top customer of CK Hutchison’s ports business, joined the BlackRock-led consortium via Terminal Investment Limited (TIL), its ports arm. This longstanding relationship helped seal the deal.
“They knew the ports were going to another billionaire family they trusted,” said a person with knowledge of the talks, adding that “the BlackRock name carried its own weight.”
The speed and scale of the deal took analysts by surprise. Bank of America called it “a major surprise,” while JPMorgan analysts noted it marked a “significant strategy shift” for CK Hutchison, reducing its port business to just 1% of its earnings.
Ports have long been a prized asset for CK Hutchison. “It’s a tough business to enter, and once you control a port, competition is limited,” said Dan Baker, senior equity analyst at Morningstar. “This was one of their strongest divisions.”
Importantly, CK Hutchison retained its ports in Hong Kong and mainland China — assets whose sale would have triggered political and regulatory complications.
The transaction also fits BlackRock’s broader strategic shift toward private markets, just five months after its acquisition of GIP. For CK Hutchison, the cash inflow could fund future acquisitions, including its bid for UK utility Thames Water, while also placating shareholders frustrated by its languishing stock price.
“This is one way of realising value,” Baker noted.
Why the Panama Canal Matters to Trump
For Donald Trump, the Panama Canal represents far more than just a critical trade route — it’s a symbol of American power and influence. The canal, which connects the Atlantic and Pacific Oceans, has been essential to global trade since its opening in 1914. The United States built and controlled the canal for much of the 20th century before handing it over to Panama in 1999.
But Trump has repeatedly framed the canal’s transfer as a strategic mistake, often arguing that China has gained too much influence over the vital waterway through its commercial interests in Panama’s ports and logistics infrastructure. Reclaiming control — directly or indirectly — fits into Trump’s broader agenda of reasserting American dominance over global supply chains and countering China’s expanding economic footprint in Latin America.
By backing a deal that puts the canal’s major ports in the hands of BlackRock and its partners, Trump can claim a high-profile geopolitical win — one that appeals both to his nationalist base and to American businesses eager for a more predictable and US-friendly operating environment at one of the world’s most important trade chokepoints.
Bayo Ogunlesi and Global Infrastructure Partners
Adebayo Ogunlesi, a Nigerian-born investment banker and infrastructure magnate, played a pivotal role in the $22.8 billion deal through his leadership at Global Infrastructure Partners (GIP), the private infrastructure investment firm he founded in 2006. GIP has built a reputation as one of the world’s most powerful infrastructure investors, with a portfolio spanning airports, ports, energy assets, and transport networks across the globe.
Ogunlesi’s rise to prominence in global finance has been remarkable. After a career that included senior roles at Credit Suisse, he launched GIP with backing from General Electric and Credit Suisse, targeting large, complex infrastructure assets that required both operational expertise and significant capital.
GIP’s influence and scale caught the attention of BlackRock, the world’s largest asset manager, which completed a $12.5 billion acquisition of GIP in 2024. The deal marked BlackRock’s biggest bet yet on private markets, an area where the asset manager sees significant growth opportunities as institutional investors seek alternatives to public equities and bonds.
Despite the acquisition, GIP has retained a distinct identity within BlackRock, with Ogunlesi continuing to lead the business under BlackRock’s broader umbrella. This structure allowed GIP to leverage BlackRock’s global platform and capital while maintaining the specialist expertise that made it a dominant player in infrastructure investing.
The Panama Canal deal is one of the first major transactions since BlackRock took control of GIP, and it underscores Ogunlesi’s central role in shaping the future of BlackRock’s infrastructure ambitions. His deep relationships across global infrastructure markets — spanning the Americas, Europe, Africa, and Asia — proved crucial in navigating the politically sensitive and strategically important deal.
Ogunlesi’s involvement also reflects the growing prominence of African-born executives on the global financial stage. His success at GIP, coupled with his seat on Goldman Sachs’ board of directors, has made him one of the most influential African figures in global business — a status further cemented by his role in this landmark Panama Canal transaction.
