The Firm is representing Manulife Infrastructure Fund III L.P. (“MIF III”) and its affiliates (including John Hancock Life Insurance Company (USA) and other infrastructure funds managed by Manulife Investment Management (“Manulife IM”) in a partnership with Portland General Electric Company (“PGE”) to acquire select Washington state generation, transmission and electric utility operations from PacifiCorp for $1.9 billion in a cash transaction pursuant to which MIF III, together with its affiliates, will become a 49% co-owner of the resulting Washington utility business. PGE expects the state and federal regulatory reviews of the acquisition to close 12 months after submission of regulatory filings.
Manulife IM is an experienced, long-term investor in infrastructure, agriculture, and timberland with roots in the region – having managed farms and forests in the Pacific Northwest for more than two decades.
The Simpson Thacher team includes Brian Chisling, Katy Lukaszewski, Paul Bolaji, Oleg Stratiev, Natasha Kandi and Selim Loetscher (M&A/Infrastructure); Brian Steinhardt, Brandon Barton, David Kim and Owen Harrison (Banking and Credit); Jonathan Goldstein, Shareef M. Salfity and Preston Irace (Tax); Alysha Sekhon, Margerite Blasé and Tally Smitas (Intellectual Property); Tristan Brown, Ryan Stott and Skyler Kanfer (Executive Compensation and Employee Benefits); Krista McManus and Dennis Loiacono (Real Estate); and Steve DeLott (Insurance).