Hong Kong, China-based company CK Hutchison Holdings Limited has agreed to sell its stake in two ports on the Panama Canal to a U.S.-led consortium in a $22.8 billion deal.

On March 4, CK Hutchinson announced the deal, which includes the selling of its subsidiary, Hutchison Port Holdings (HPH) — the owner of terminals and other assets at the ports of Balboa and Cristobal in Panama. The consortium making the purchase includes BlackRock, a U.S. private equity firm, and MSC, based in Geneva, Switzerland, according to Freight Waves.

This is just the latest since President Donald Trump made disputed claims that the Chinese military was in control of the Panama Canal and transit tolls were being unfairly charged to American vessels. Trump also threatened U.S. action to regain control of the waterway, which it transferred to Panama in 1999. The canal is an essential route for military and merchant vessels between the Pacific and Atlantic oceans, per the outlet.

Frank Sixt, co-managing director of CK Hutchison Holdings Limited, said in a news release that the sale was not the result of recent political pressure and materialized through a quickly evolving, competitive bidding process during which the company received numerous offers and expressions of interest.

“As a result, the Transaction valuation agreed in principle is compelling, and the Transaction is clearly in the best interest of our shareholders,” Sixt said, per the news release. “After adjusting for minority interests and repayment of certain shareholder loans due from HPH to CK Hutchison, the Transaction would be expected to deliver cash proceeds in excess of US$19 Billion to our Group.”

He added, “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.”

The Panamanian government still has to approve the transaction, which Sixt noted is contingent upon confirmatory due diligence, the finalization of definitive documentation, and the standard completion procedures, adjustments, and conditions.

The deal will allow the BlackRock-led consortium to acquire HPH’s 90% stake in the Panama ports and CK Hutchison’s 80% controlling interest in 199 berths at 43 ports across 23 countries, per Freight Waves.

It is unclear how the sale to MSC will impact other trade operations at former Hutchison ports.