The deal comes after U.S. President Donald Trump repeatedly threatened to take control of the Panama Canal and end what he sees as China’s influence over the waterway critical to global trade.

U.S. President Donald Trump has hailed a deal led by U.S. firm BlackRock to buy most of the $22.8 billion ports business of Hong Kong conglomerate CK Hutchison which includes assets along the Panama Canal.

TiL Consortium and CK Hutchison (CKHUY) announced that they have reached in principle agreements whereby the BlackRock-TiL Consortium will acquire: HPH’s 90% interests in Panama Ports Company, which owns and operates the ports of Balboa and Cristobal in Panama;