BlackRock on Tuesday said it agreed to acquire two ports serving the Panama Canal from Hong Kong's CK Hutchinson, as part of a larger $22.8 billion deal. Why it matters: President Trump has threatened to retake control of the Panama Canal,

Hong Kong's CK Hutchison on Tuesday agreed to sell its interests in a key Panama Canal port operator to a BlackRock Inc-backed consortium, following intense pressure from U.S. President Donald Trump to curb China's influence in the region.

BlackRock, America’s largest asset manager which handles over $11 trillion in assets, has agreed to purchase two ports on either end of the Panama Canal. BlackRock is buying the ports from Hong Kong-based CK Hutchison in a deal worth about $22.8 billion.