Italian tycoon Gianluigi Aponte’s family-run business – not BlackRock – will be the lead investor of a group trying to buy 43 global ports, including key Panama Canal locations, from a Hong Kong business magnate, according to a report.
BlackRock, however, will gain control of the two Panama ports included in the roughly $19 billion deal, sources familiar with the matter told Bloomberg.
Terminal Investment Ltd., or TiL – the Aponte family’s Geneva-based firm – will take over all but two of the ports from CK Hutchison, a Hong-Kong based conglomerate controlled by billionaire Li Ka-shing, according to the report.
The sale, which is facing steep opposition from Beijing, is reportedly set to be made to a group including TiL, BlackRock and investment firm Global Infrastructure Partners. GIP, which BlackRock acquired last year, has a minority stake in the Aponte firm.
TiL, BlackRock and CK Hutchison did not immediately respond to The Post’s requests for comment.
However, the deal has faced considerable roadblocks as China pushes Li to scrap the sale, which offers desirable access to the Panama Canal — which President Trump has his eye on.
Earlier this year, before BlackRock swooped in with a prospective deal, Trump suggested he would consider using military force to take control of the canal from Panama, arguing it’s “vital” for national security.
His administration has since cheered the planned sale as a victory that will “take back” the waterway from Beijing.
Meanwhile, an auditor employed by Panama’s government this month accused CK Hutchison of failing to renew its contract to operate the ports, claiming it owed the government $300 million.
As for the deal, talks are still ongoing and details on the final structure may still change, sources told Bloomberg.
BlackRock’s GIP will own 51% of the two Panama ports, while TiL will take 49%, according to Bloomberg. These facilities account for about 4% of the total value of the deal, sources said.
BlackRock and GLC Pte, a Singaporean sovereign wealth fund, have a combined minority ownership of about 30% in TiL, sources told the outlet.
The Aponte business was chosen for the deal, which had been open to several bidders, in part because of the family’s close ties to Li, sources told Bloomberg.
CK Hutchison thought the ports would be in good hands with TiL, which operates more than 70 container terminals across 31 countries, they added.
The port deal is still pending due diligence, tax and accounting checks, as well as approval from regulators, according to Bloomberg.
And it has already faced delays. BlackRock was scheduled to sign an agreement by April 2, which has been postponed.
