A BlackRock-backed consortium is advancing a ports deal without the Panama Canal terminals seized by authorities, focusing on 41 other assets globally. The move follows a Panama court ruling that invalidated the concession for CK Hutchison's canal operations, leading to asset seizure last month. The consortium, including MSC and potential Cosco involvement, aims to acquire CK Hutchison's non-Chinese ports business for over $19bn in cash, though the final price remains unconfirmed. The Panama terminals, seen as strategically vital under President Trump's Latin America policy, are excluded, altering the deal's structure significantly. The $23bn original deal now pivots towards the remaining 41 ports across Europe, southeast Asia, and the Middle East, with negotiations continuing despite arbitration launched by CK Hutchison against Panama.