After a lifetime of dealmaking, 96-year-old Hong Kong billionaire Li Ka-shing may have just pulled off one of his boldest transactions yet.

Under pressure from the Trump administration over two ports at the Panama canal controlled by CK Hutchison Holdings Ltd., Li’s company announced a plan to sell off the bulk of global ports business to a consortium led by BlackRock Inc. In return, the Hong Kong firm will receive cash proceeds of more than $19 billion.