The move: BlackRock rose 1% at the start of trading on Wednesday, reaching $961 per share. The stock has struggled this year, and is still down about 7% year-to-date.

Why: The world’s largest asset manager is leading a consortium to buy a majority stake in the two ports from CK Hutchison, a Hong Kong conglomerate. The deal is valued at $22.8 billion.

In his address to Congress on Tuesday, US President Donald Trump acknowledged the deal, which involves BlackRock’s acquisition of two Panama Canal ports.

“Just today, a large American company announced they are buying both ports around the Panama Canal,” Trump said during his address.

CK Hutchison expects to receive over $19 billion in cash proceeds for the sale — worth as much as its valuation, according to Bloomberg. Its stock rose as much as 25% in Hong Kong on Wednesday.

The consortium, made up of BlackRock’s Global Infrastructures Partners and Terminal Investment Limited, will acquire 90% of the Panama Ports company. The firm operates the Balboa and Cristobal terminals.

What it means: The deal hands a political win to Trump, who has said Chinese interests have taken control of the pivotal trade route. The White House has gone as far as suggesting that the canal be returned return to US hands.

“The Panama Canal was built by Americans, for Americans, not for others, but others could use it,” Trump said.

If the ports change hands, this might relieve US pressure on Panamanian president José Raúl Mulino. However, he pushed back on Trump’s Tuesday notion that Washington was “reclaiming” the canal.

For BlackRock, it marks the largest infrastructure deal in its history. The ports have made up a large part of CK Hutchinson’s port division, which was the firm’s third-biggest business in the first half of last year, Bloomberg reports.