Portland General Electric Company entered into an Asset Purchase and Service Area Transfer Agreement dated February 15, 2026, to acquire PacifiCorp's Washington electric utility operations and assets for $1.9 billion in cash through a wholly owned subsidiary, with Manulife as joint venture partner post-closing. The filing also reports 2025 financial results and initiates 2026 adjusted EPS guidance of $3.33 to $3.53 per diluted share.
Key takeaways
Entered Asset Purchase Agreement on February 15, 2026 with PacifiCorp for $1.9B cash consideration for Washington transmission/distribution business serving 140,000 customers and generation assets including Chehalis (477 MW gas), Goodnoe Hills (94 MW wind), Marengo I/II (234 MW wind)
Financing includes $1.9B bridge facility commitment from Barclays/JPMorgan, $681M term facility efforts, and up to $600M equity from Manulife Infrastructure Fund III affiliates
Transaction subject to HSR, FERC, WUTC, OPUC and other regulatory approvals; outside date August 15, 2027 with $35M reverse termination fees
2025 GAAP net income $306M or $2.77 diluted EPS; non-GAAP adjusted $336M or $3.05 diluted EPS
Q4 2025 GAAP net income $41M or $0.36 diluted EPS; non-GAAP adjusted $53M or $0.47 diluted EPS