TPGE to buy EnerVest's South Texas unit's oil and gas assets, will partner with EnerVest to form Magnolia
TPG Pace Energy Holdings Corp, an energy-focused blank check company formed by TPG Pace Group and former Occidental Petroleum Corp CEO Steve Chazen, has agreed to acquire the oil and gas assets within EnerVest’s South Texas division for about $2.66 billion in cash and stock. As part of the deal, TPGE and EnerVest will team up to form Magnolia Oil & Gas Corp. Magnolia will be led by Chazen, who will serve as the company's chairman, president and CEO. Also, EnerVest will retain a "significant" ownership stake in Magnolia. Upon the closing of the transaction, which is expected to happen late in second quarter of 2018, Magnolia will trade on the New York Stock Exchange.
20 March 2018•9 mins read
