The Panama Maritime Authority will seek legal and financial papers regarding a transaction between CK Hutchison (HKG:0001) and a Blackrock-led consortium for the purchase of a stake in two ports near the Panama Canal, minister to presidency Juan Carlos Orillac said in a Friday news release.
Panamanian authorities are seen to assess the transaction to ensure protection of public interest, Orillac said.
Blackrock earlier annoucned that its consortium, which includes Global Infrastructure Partners and Terminal Investment, will buy the port business of CK Hutchison, including its 90% stake in Panama Ports Company, according to a separate Reuters report.
Panama Ports operaes the Balboa and Cristobal ports near the Panama Canal under a 25-year concession, the report said.
The deal between CK Hutchinson and BlackRock will involve the Hong Kong firm's 80% stake in Hutchinson Ports with an equity value of $14.21 bilion, but the conglomerate is seen to receive $19 billion following the repayment of shareholder loans, the report said.
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