Portland General to Buy PacifiCorp's Washington Assets for $1.9 Billion

By Colin Kellaher

Portland General Electric has struck a deal to buy the wind, natural-gas generation and distribution assets of Berkshire Hathaway's PacifiCorp unit in Washington state for $1.9 billion.

Portland General and PacifiCorp on Tuesday said the deal includes three generation facilities, 4,500 miles of transmission and distribution lines and local utility operations across 2,700 square miles that serve about 140,000 customers.

Portland General, based in Portland, Ore., currently serves nearly 960,000 customers.

Portland General said Manulife Investment Management, the asset- management arm of Manulife Financial, is backing the deal and will hold a minority stake in the Washington utility business.

PacifiCorp, which Berkshire acquired in 2006 for around $5 billion, said the sale is a critical step in bolstering its financial position and simplifying its operations across its service area.

PacifiCorp said diverging policies among the six states it serves have created challenges that have affected its financial stability, liquidity and credit ratings.

Portland General and PacifiCorp said they expect the transaction will to take up to a year to finalize.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

February 17, 2026 06:22 ET (11:22 GMT)