A consortium of investors led by BlackRock agreed to pay roughly $23B to buy more than 40 ports from CK Hutchinson, a Hong Kong conglomerate, including two ports crucial for ships transiting the Panama Canal.

The buyers, which also includes shipping giants MSC and TIL Group, will secure a 90% stake in the Panama Ports Co., which controls ports in Balboa and Cristobal, as part of the transaction. The venture will also take an 80% share in a collection of entities that controls 43 other ports in 23 countries.

The transaction will be expedited, according to a joint statement from the firms, and comes as President Donald Trump has applied consistent pressure on Panama over its operation of the canal, accusing the country’s leadership of giving preferential treatment to Chinese firms.

“This Transaction is the result of a rapid, discrete but competitive process in which numerous bids and expressions of interest were received,” CK Hutchinson co-Managing Director Frank Sixt said in a statement. “As a result, the Transaction valuation agreed in principle is compelling, and the Transaction is clearly in the best interest of our shareholders.”

CK Hutchinson will keep its ports in China and seeks to leverage the roughly $19B in cash proceeds from the transaction for new acquisitions, along with potential dividend boosts and stock buybacks, Bloomberg reported. Its stock, which is listed in China but sells securities in lieu of shares on the U.S. market, rose 20% on the announcement.

Sixt said the decision to sell was not due to political pressure.

“I would like to stress that the Transaction is purely commercial in nature and wholly unrelated to recent political news reports concerning the Panama Ports,” he said.

The deal has been agreed to in principle, but is still subject to both the due diligence process and necessary approvals from the Panamanian government. If executed, it would be the largest infrastructure deal in BlackRock’s history, according to Bloomberg. BlackRock also acquired Global Infrastructure Partners in another major push into the space late last year.

“This agreement is a powerful illustration of BlackRock and GIP’s combined platform and our ability to deliver differentiated investments for clients,” BlackRock CEO Larry Fink said in a statement. “Through our deep connectivity to organizations like Hutchison and MSC/TIL and governments around the world, we are increasingly the first call for partners seeking patient, long-term capital. We are thrilled our clients can participate in this investment.”

BlackRock’s stock slipped on the news yesterday but has traded largely flat this week.

During an address to Congress on Tuesday night, Trump referenced the deal, highlighting the Panama Canal’s geopolitical important and the sacrifices borne by U.S. workers to build it, including more than 5,000 who died.

“The Panama Canal was built by Americans, for Americans, not others, but others could use it, but it was built at a tremendous cost of American blood and treasure,” he said. “We didn't give it to China, we gave it to Panama, and we're taking it back.”