Nigerian billionaire Adebayo Ogunlesi, through his firm Global Infrastructure Partners (GIP), has led a consortium in acquiring key port operations near the Panama Canal in a landmark $23 billion deal. The acquisition includes major terminals such as Balboa and Cristobal, which flank the canal and serve as critical hubs for global maritime trade.
The deal was finalized with Hong Kong-based conglomerate CK Hutchison Holdings, which agreed to sell its shares in Hutchison Port Holdings and Hutchison Port Group Holdings to the consortium. The transaction includes approximately $5 billion in debt and grants the consortium control over 43 ports across 23 countries, including strategic locations in Mexico, the Netherlands, Egypt, Australia, and Pakistan.
Under Ogunlesi’s leadership, GIP a subsidiary of BlackRock will operate the ports in partnership with Terminal Investment Limited (TIL), linked to Mediterranean Shipping Company (MSC), one of the world’s largest cargo operators. This partnership combines GIP’s extensive infrastructure management expertise with TIL’s operational capabilities.
The Panama Canal, built by the United States in the early 1900s and handed over to Panama in 1999, is a vital maritime passage connecting the Atlantic and Pacific Oceans. Approximately 70% of the sea traffic crossing the canal is linked to U.S. ports, underscoring the strategic importance of the ports at either end.
This acquisition marks BlackRock’s largest infrastructure deal to date and solidifies Ogunlesi’s position as one of the world’s leading infrastructure investors. With a net worth of $1.7 billion, Ogunlesi ranks as Nigeria’s fifth billionaire and a prominent figure in global finance.
The purchase has geopolitical significance as it shifts control of key port terminals from a Chinese-operated company to an American-led consortium with Nigerian leadership, amid ongoing global trade tensions. While Panama retains full control of the canal itself, the consortium’s ownership of the ports influences the flow of goods and security in the region.
Ogunlesi’s track record includes major infrastructure investments worldwide, such as London Gatwick Airport, Sydney Airport, and various energy and transport assets. This latest deal further enhances his portfolio and highlights Africa’s growing footprint in global strategic assets.