Portland General Electric Company and Manulife Investment Management have paid $1.9 billion to obtain electrical provider PacifiCorp's Washington state assets in a cash deal guided by Latham & Watkins LLP, Baker Botts LLP, Simpson Thacher & Bartlett LLP, and Gibson Dunn & Crutcher LLP.

According to the announcement, the assets include PacifiCorp's "generation, transmission and electric utility operations." After the related regulatory filings are submitted, the state and federal regulators are supposed to wrap up their acquisition reviews in 12 months, the announcement added.

Part of these assets constitutes power lines that stretch for 4,500 miles and utility operations that are located 2,700 square miles across the state, according to the announcement.

PGE's financial advisers for the deal were J.P. Morgan, Barclays, Citi, and Lazard, the announcement said. Manulife's financial adviser was Goldman Sachs & Co. LLC.

"We are excited for the opportunity to continue to grow, expanding into Washington and building upon PGE's foundation of operational excellence and customer service," said PGE's president and CEO Maria Pope in a Tuesday statement.

"We look forward to our partnership with Manulife Investment Management, who brings a track record of investment success across the utility sector and Pacific Northwest agriculture and timberland industries," Pope added.

On Tuesday, Manulife Investment Management's global head of infrastructure Recep Kendircioglu said Manulife's PGE partnership "represents an opportunity that fits well within our infrastructure strategy and leverages our experience in utility investments."

The acquisition deal allows PGE to obtain the 94-megawatt Goodnoe Hills wind power facility, the 477-megawatt Chehalis natural gas facility, and the Marengo I and Marengo II facilities, which are wind power facilities that have 234 megawatts of power combined, the announcement said.

PGE will use another company to oversee the Washington assets, according to the announcement. Also, Manulife Infrastructure Fund III LP and the fund's affiliates will own 49% of the utility assets, the announcement stated.

On Tuesday, PacifiCorp's CEO Darin Carroll said the asset sale "is a targeted step toward ensuring the continued delivery of safe, reliable power to our nearly 2 million customers in the West and Intermountain West."

"This will improve the company's financial stability while simplifying our operations to support our long-term commitment to customers in each of our remaining states," Carroll also said.

PGE, Manulife and PacifiCorp did not immediately respond to requests for additional comment on Tuesday.

PGE is represented by Michael Sullivan, Ryan Maierson, Erik Thompson, Elena Burns, Cameron Koob, Zach Kobayashi, Riann Winget, Brock Meyer, Skyler Ligon, Genie Yae, Caroline Phillips, Sharon Huberfeld, Jeremie Ruiz, Jeffrey Tochner, Sebastian Moss, Pardis Zomorodi, Dominick Constantino, Jason Cruise, Andrew Paik, Natasha Gianvecchio, Jecoliah Williams, Michelle L.C. Carpenter, Peter Dalmasy, Oswald Cousins, Marc Campopiano, Brian McCall, James Mann, David Rao, Daniel Eyal, Chika Onyejiukwa, Harrison White, Robert Brown, Stuart Cobb, Sony Ben-Moshe, Bryan Monson, Jackson Kushner, Steven Levine, Shelby Harrison and Daniel Eyal of Latham & Watkins LLP.