Report: MSC and BlackRock Push to Complete Hutchison Deal for Port Ops
Nearly a year after the deal was first announced for a consortium of MSC Mediterranean Shipping Company and U.S. investment group BlackRock to acquire the global port operations of Hong Kong-based CK Hutchison, the Financial Times reports negotiations are back underway. The newspaper writes that the companies believe that now that Panama has been removed, terms can be reached for the larger global portfolio.
The companies had agreed in 2025 on two deals, with BlackRock leading the purchase of the Panama Ports Company, which operated the terminals at each terminus of the Panama Canal, and MSC’s Terminal Investment Limited (TiL) as a minority investor. It later emerged that MSC would be the lead investor for the other 41 global port operations in 23 countries, ranging from Europe to Southeast Asia and the Middle East. The deal was expected to place a valuation of $23 billion on the portfolio, while CK Hutchison would have retained the port operations in China.
The transaction became caught in a political battle between the United States and China as Donald Trump asserted that China was running the Panama Canal. The Chinese and Hong Kong governments objected to the deal largely due to the political issues, and China reportedly insisted that COSCO had to become a partner. Later reports said that China wanted COSCO to control the new company.
The Financial Times cites two unnamed sources that it says reported the negotiations are back underway after Panama annulled the concession for the operations in Balboa and Cristobal. CK Hutchison is starting what is likely to be an extended legal battle with Panama, including an arbitration for financial damages.
MSC is reportedly anxious to acquire the remaining 43 terminals worldwide to add to TiL’s operations. The Financial Times suggested that the upcoming state visit by Donald Trump to China and meeting with Chinese leader Xi Jinping was “likely to offer tailwinds for the agreement.”
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It had previously been reported that MSC and BlackRock were proposing to break up the CK Hutchison portfolio into smaller segments. COSCO’s participation would vary based on China’s relationship with the various countries and the government’s views of strategic importance. It would also permit COSCO to have a smaller share in jurisdictions hostile to China, reports the FT.
TiL is reported as of 2025 to already have operations in more than 30 countries and over 70 terminals. It has an annual handling capacity of approximately 70 million TEU. The acquisition of the CK Hutchison portfolio would position TiL as the largest terminal operator, surpassing PSA, which reported it handled 105 million TEU in 2025.