A Hong Kong-based company that operates key ports near the Panama Canal has agreed to sell its stake to a US-linked consortium, following pressure from the Trump administration over alleged Chinese influence in the strategic shipping route.

CK Hutchison Holdings announced on Tuesday that it would divest all shares in its subsidiaries, Hutchison Port Holdings and Hutchison Port Group Holdings, which collectively control 80% of Hutchison Ports—a global operator managing 43 ports across 23 countries.

The deal will see a consortium, including BlackRock Inc., Global Infrastructure Partners, and Terminal Investment Limited, acquire a 90% stake in Panama Ports Company. This entity owns and manages the ports of Balboa and Cristobal, which sit at the canal’s Pacific and Atlantic entrances.

Concerns over China’s role in Panama’s port operations have been mounting in Washington. In January, Senator Ted Cruz, chair of the Senate Committee on Commerce, Science, and Transportation, warned that Chinese firms controlling key infrastructure near the canal could allow Beijing to monitor or disrupt maritime traffic. “This poses serious risks to U.S. national security,” Cruz stated.

In early February, U.S. Secretary of State Marco Rubio visited Panama and urged President José Raúl Mulino to curb China’s presence in the canal zone or risk repercussions from Washington. Mulino denied that China had any operational control over the canal but soon after withdrew Panama from China’s Belt and Road Initiative, a move that sparked criticism from Beijing.

While much attention had been focused on Trump’s rhetoric about reclaiming control of the canal itself, his administration had been quietly scrutinizing Hutchison Ports, which had recently secured a 25-year contract extension to manage the ports without a competitive bidding process. An ongoing audit of that deal fueled speculation that the contract could eventually be reopened for bidding, with insiders hinting that a U.S. firm with ties to the White House was being positioned to take over.