Paul Hastings Advises CK Hutchison As Weil Guides BlackRock-Led Consortium

Paul Hastings Advises CK Hutchison As Weil Guides BlackRock-Led Consortium

Sources in the know said that Paul Hastings and Weil have been called for the $22.8bn sale of CK Hutchison’s ports business to a BlackRock-led consortium in a deal that will see the transfer of two major ports on the Panama Canal.

CK Hutchison, owned by Li Ka-shing, Hong Kong’s richest man, and his family is being advised by Hastings whereas the consortium including BlackRock-owned Global Infrastructure Partners (GIP) and the Aponte family-controlled shipping giant Terminal Investment Limited, is being guided by Weil.

The group will acquire a 90% stake in Balboa and Cristobal which owns and operates the Panama Canal ports and an 80% stake in CK Hutchison’s ports subsidiaries which own 43 ports across the globe.

Leading the Hastings team is Eduardo Gallardo, Global Co-Chair of the firm’s M&A Practice and London Corporate Partner Matthew Poxon.

Sources familiar with the matter said that London-based M&A Partners Murray Cox and Private Equity Infrastructure Partner Brendan Moylan are leading the Weil team.

The deal for CK Hutchison’s ports businesses comes reportedly amid repeated calls by President Donald Trump for the US to ‘retake control’ of the Panama Canal.

Reportedly, Larry Fink, BlackRock chief executive, informed senior figures in the Trump administration to get their backing for the deal. Reportedly, CK Hutchison is expected to receive cash in excess of $19bn from the deal following repayment of some shareholder loans.