TPG Pace Energy Holdings Corp.


TPG has entered into definitive agreements with certain funds managed by EnerVest Ltd. to acquire the oil and gas assets within EnerVest’s South Texas Division for approximately $2.66 billion in cash and stock. TPGE has entered into agreements to raise approximately $330 million through a private placement of roughly 33 million shares of Class A common stock.

Upon the closing of the business combination, the company will be renamed Magnolia Oil & Gas Corporation. The company will largely be equity financed as TPGE anticipates $300 million of funded debt at closing alongside a $550 million undrawn credit facility. EnerVest will receive approximately $1.2 billion in cash at closing and will retain roughly 120 million shares of common stock.

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