A major shift in ownership is taking place at two crucial Panama Canal ports, with a BlackRock-led consortium securing a $22.8 billion deal to buy the assets. The ports, currently owned by the Hong Kong-based CK Hutchison, are being sold amid growing concerns about Chinese influence in the region.

CK Hutchison’s co-managing director emphasized that the sale is “purely commercial in nature and wholly unrelated to recent political news reports concerning the Panama Ports.” However, the deal is seen as a significant win for President Donald Trump, who has voiced national security concerns over the canal. Trump has previously suggested that the US might take back control of the Panama Canal, noting the importance of the privately owned ports at either end.

The agreement will see the BlackRock-led group acquire a 90% stake in CK Hutchison’s subsidiary that currently operates the two strategic ports, according to a statement from BlackRock on Tuesday.

“These world-class ports facilitate global growth,” said a statement from BlackRock CEO Larry Fink reports CNN. “Through our deep connectivity to organizations like Hutchison … 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.”

The White House has not immediately comment on the purchase. The move could help ease Trump’s concerns about Chinese influence over the waterway.

Last month, Mike Waltz, the administration’s national security advisor, told reporters that Panama’s leadership had begun “negotiations about addressing the ports on either side of the canal.”