Portland General Electric Company (PGE) and Manulife Investment Management have struck a $1.9 billion cash deal to acquire PacifiCorp’s Washington state assets, according to a Tuesday announcement. The transaction, guided by law firms Latham & Watkins LLP and Simpson Thacher & Bartlett LLP, marks a major expansion for PGE into Washington’s energy market.
Expanding Footprint Across Washington
The assets included in the acquisition cover PacifiCorp’s generation, transmission, and electric utility operations. Together, they span 4,500 miles of power lines and serve utility operations across 2,700 square miles. Regulatory filings have been submitted, with state and federal authorities expected to complete reviews within the next 12 months.
“We are excited for the opportunity to continue to grow, expanding into Washington and building upon PGE’s foundation of operational excellence and customer service,” said PGE President and CEO Maria Pope.
Pope added, “We look forward to our partnership with Manulife Investment Management, who brings a track record of investment success across the utility sector and Pacific Northwest agriculture and timberland industries.”
