HOUSTON, February 18, 2026 – Baker Botts L.L.P., a leading international energy, technology, and life sciences law firm, represented Lazard, as lead financial advisor to Portland General Electric Company (NYSE: POR) (“PGE”), in connection with PGE’s agreement to acquire select Washington state generation, transmission, and electric utility operations from PacifiCorp for $1.9 billion. 

Under the agreement, PGE will acquire three generation facilities: the Chehalis natural gas plant (477 MW), the Goodnoe Hills wind facility (94 MW), and the Marengo I and II wind facilities (234 MW). The acquisition will also include 4,500 miles of transmission and distribution lines and local utility operations across 2,700 square miles.

Central to the acquisition is PGE’s partnership with Manulife Infrastructure Fund III, L.P. and its affiliates, including John Hancock Life Insurance Company (USA), which will collectively be a minority owner of the Washington utility business.

PGE will manage the Washington operations as a separate company through a newly formed subsidiary regulated by the Washington Utilities and Transportation Commission. The state and federal regulatory reviews of the acquisition are expected to close 12 months after submission of regulatory filings.

PGE’s press release on the acquisition can be found here.

Baker Botts Lawyers/Offices Involved:

Corporate: Clint Rancher (Partner, Houston); Josh Davidson (Senior Counsel, Houston); Lakshmi Ramanathan (Special Counsel, Houston)

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