Portland General Electric Company (POR) said on Tuesday that it has inked a deal to acquire select Washington state generation, transmission, and electric utility operations from PacifiCorp, an electric power company, for $1.9 billion.
"PGE expects accretion in the first full year upon closing and overall enhancement of PGE's long-term EPS and dividend growth from the transaction," the company said.
Under the terms, Portland General Electric, or PGE, will acquire three generation facilities, including the Chehalis 477 MW natural-gas plant, the Goodnoe Hills 94 MW wind facility, and the Marengo I and II 234 MW wind facilities.
The acquisition will also include 4,500 miles of transmission and distribution lines and local utility operations across 2,700 square miles.
Post transaction, PGE will manage the Washington operations as a separate company through a newly formed subsidiary.
PGE has partnered with Manulife Investment Management for this acquisition. Post transaction, Manulife Infrastructure Fund III, L.P. and its affiliates, including John Hancock Life Insurance Company , USA, will collectively be a minority owner of the Washington utility business.
In addition, as announced earlier, Portland General Electric will pay a quarterly dividend of $0.525 per share on or before April 15, to shareholders of record as of March 23.
Looking ahead, for fiscal 2026, the company expects adjusted income of $3.33 to $3.53, with capital expenditures of $1.655 billion. Portland General Electric anticipates annual depreciation and amortization expenses of $560 million to $580 million.
For fiscal 2025, Portland General Electric has reported adjusted income of $3.05 per share.
POR was flat at $54 in the premarket trade on the New York Stock Exchange.
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