BlackRock may face challenges in acquiring control of two key ports near the Panama Canal pending the release of an audit on a 25-year concession granted to CK Hutchison. The finalization of the deal in Panama is anticipated to be delayed, as issues have arisen amid mounting criticism from China regarding the agreement. The comprehensive $22.8 billion transaction, which involves a BlackRock-led consortium and CK Hutchison encompassing more than 40 ports across 23 nations, was initially expected to be signed by April 2, as per the announcement made by both parties last month.

As the Chinese market regulator initiates an antitrust examination of the deal, Panama is seeking documentation from CK Hutchison to conduct an audit on the concession. The Panamanian government has also requested detailed information from both BlackRock and CK Hutchison for regulatory approval. Notably, the transaction encompasses a 90% stake in the Panama Ports Company, which manages the Balboa and Cristobal ports at each end of the canal.

The audit of the Panama ports concession holds significance as stated by the Comptroller General office, with results expected in the near future. Concerns have been raised by the Comptroller General regarding previous audits being inadequate and limited in scope. Criticisms have been leveled against the contract's performance and the slow provision of necessary documents by CK Hutchison. Panama's Attorney General previously determined the port contract to be unconstitutional, a decision that will be reviewed by the Supreme Court.

The potential discovery of irregularities by the Comptroller General could lead to the revocation of the concession or trigger international arbitration, potentially complicating the BlackRock-CK Hutchison deal. U.S. President Donald Trump has welcomed the agreement, contrasting with the skepticism expressed by China and its supporters, thus entangling the companies and the Panamanian ports in the broader tensions of the U.S.-China trade dispute.