The European Commission has opened a full‑scale antitrust investigation into the Spanish portion of the $22.8 billion deal in which BlackRock and MSC’s terminal operator, Terminal Investment Limited (TiL), plan to acquire 80 % of CK Hutchison’s global port portfolio. The probe focuses on the acquisition of Terminal Catalunya, S.A. (TERCAT) in Barcelona, the only Spanish asset in the transaction.
The transaction, announced earlier this year, values CK Hutchison’s 43 ports in 23 countries at $22.8 billion. BlackRock, through its infrastructure investment arm, and MSC, via TiL, will jointly control TERCAT, while CK Hutchison will retain a minority stake. The deal is expected to make MSC the world’s largest container terminal operator, surpassing PSA International, and represents BlackRock’s largest infrastructure investment to date.
The Commission’s concern is that the combined ownership of TERCAT could reduce competition in Spain’s port services market, potentially raising rates or limiting access for other operators. The investigation is part of a broader regulatory review that also includes scrutiny from China’s State Administration for Market Regulation and a legal challenge in Panama over unpaid fees for the Canal ports. These overlapping reviews have already delayed the transaction’s original closing date of April 2 2025.
For BlackRock, the probe underscores the firm’s aggressive push into infrastructure assets and signals that regulatory approval will be a key hurdle before the deal can close. MSC’s leadership views the acquisition as a strategic move to consolidate its terminal footprint, but the EU review adds uncertainty that could postpone the transaction or force a restructuring of the investor group, potentially including Chinese participation to satisfy regulatory concerns. CK Hutchison, meanwhile, is using the sale to reduce debt and refocus on core telecom and retail businesses.
Frank Sixt, CK Hutchison’s co‑managing director, said the transaction is “purely commercial and unrelated to political concerns about Panama ports,” while Larry Fink, BlackRock’s chairman, highlighted the deal as a “powerful illustration of our combined platform.” Diego Aponte, MSC’s president, emphasized the commercial viability of the investment and the company’s confidence in maintaining competitive advantage despite the regulatory review.
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