Nigerian billionaire Adebayo Ogunlesi's Global Infrastructure Partners (GIP) has acquired the Panama Canal Ports for $23 billion, marking a significant expansion of its global infrastructure portfolio and further cementing Ogunlesi's position as one of Africa's wealthiest individuals. This deal follows GIP's earlier acquisition of a UK airport and a $12.5 billion partnership with BlackRock, highlighting Ogunlesi's growing influence in global infrastructure investment.
Adebayo Ogunlesi's Global Infrastructure Partners (GIP), a subsidiary of BlackRock, has made a landmark acquisition, securing the Panama Canal Ports for a staggering $23 billion. This move not only expands GIP's global footprint but also solidifies Ogunlesi's status as a leading figure in international finance.
The agreement involves a Hong Kong-based conglomerate relinquishing its controlling stakes to Global Infrastructure Partners. This $23 billion deal will see GIP operate the ports in partnership with TIL and other strategic partners. The transaction encompasses Hutchison Port Holdings and Hutchison Port Group Holdings, with approximately $5 billion in debt included in the total deal value.
"This acquisition grants the BlackRock consortium control over 43 ports in 23 countries, strategically positioning them in global trade."
These ports include key locations such as Balboa and Cristobal in Panama, as well as facilities in Mexico, the Netherlands, Egypt, Australia, and Pakistan.
The Panama Canal, originally built by the U.S. in the early 1900s, was designed to facilitate the transit of both commercial and military vessels between the Atlantic and Pacific coasts. The U.S. government ceded control of the waterway to Panama on December 31, 1999, under an agreement signed in 1977 by President Jimmy Carter. Approximately 70% of the sea traffic through the canal either originates from or is destined for U.S. ports.
This acquisition further cements Adebayo Ogunlesi's position as one of the world’s wealthiest individuals. His net worth is estimated at $1.7 billion on the Forbes billionaire list, making him Nigeria’s fifth billionaire.
| Ranking | Detail | |-----------------|-----------------------------------------| | Forbes | Net worth of $1.7 billion | | Global Ranking | Among top 2,000 wealthiest (1,945th) |
Bloomberg had previously estimated Ogunlesi's net worth at $2.3 billion following a $12 billion deal with BlackRock Inc. Ogunlesi serves as the Chairman, CEO, and co-founder of GIP, an infrastructure investment company based in New York.
The rise in Ogunlesi’s wealth is closely linked to GIP’s multi-billion dollar deal with BlackRock, which was finalized in January of this year. The partnership, valued at $12.5 billion, aims to establish a leading multi-asset class infrastructure investment company, bringing together a combined Assets Under Management (AUM) exceeding $150 billion. The deal included $3 billion in cash and approximately 12 million shares of BlackRock common stock, collectively valued at $9.5 billion.
Ogunlesi's career spans decades and includes significant roles such as Lead Director at Goldman Sachs Group, Inc., and board positions at firms like Callaway Golf Company, KosmosEnergyHoldings, Terminal Investment Limited, and Freeport LNG. Before founding GIP, he spent 20 years at Credit Suisse, expanding his focus from traditional finance to sectors including transportation, natural resources, and power generation.
Today, GIP is the world's largest independent infrastructure manager, overseeing over $100 billion in assets, with infrastructure equity funds accounting for $60 billion of the firm’s portfolio. Ogunlesi and GIP’s founders will continue to lead the new platform, leveraging their expertise in investment and operational improvements.