TPG Pace Energy $2.66 billion acquisition of EnerVest oil and gas assets

Overview:

• Special purpose acquisition company (SPAC) TPG Pace Energy has acquired $2.66 billion in oil and gas assets from EnerVest.
• The assets consist of roughly 360,000 acres in the Eagle Ford Shale.
• As part of the deal, TPG Pace and EnerVest are merging to create Magnolia Oil & Gas. 
• Seller EnerVest will own 51% of Magnolia.
• The transaction is expected to close by the end of the second quarter, at which point Magnolia will begin trading on the NYSE. 

Kurt Stumpo - Journalist