CK Hutchison sells Panama Canal port stake to BlackRock-backed group

The estimated enterprise value of the port is US$22.76b.

The Board of the Directors of CK Hutchison Holdings Limited announced that it has entered into an agreement with BlackRock, Inc., Global Infrastructure Partners, and Terminal Investment Limited for the sale of all the shares of Hutchison Port Holdings S.a r.l. (HPHS) and Hutchison Port Group Holdings Limited (HPGHL).

HPHS and HPGHL together hold the entire 80% effective interest of the Group in the Hutchison Ports group, which in turn holds interests in subsidiary and associated companies owning, operating and developing a total of 43 ports comprising 199 berths in 23 countries, together with all HPH’s management resources, operations, terminal operating system, IT and other systems and other assets appertaining to control and operations of those ports.

The Sale Perimeter does not include any interest in the Hutchison Port Holdings Trust, which operates ports in Hong Kong and Shenzhen, as well as South China, or any other ports in Mainland China.

Agreement in-principle was also reached on the acquisition by the BlackRock-TiL Consortium of Hutchison Port Holdings’s 90% interests in Panama Ports Company, S.A. (PPC), which owns and operates the ports of Balboa and Cristobal in Panama.

The enterprise value of the sale is estimated to be at $30.49b (US$22.76b).

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