V&E, Gibson Dunn on $2.66B Texas Energy Deal
TPG Pace Energy Holdings of Houston will acquire oil and gas assets from EnerVest's South Texas Division in a transaction that will create a new public company.
March 20, 2018 at 04:30 PM
2 minute read
Fracking |
Vinson & Elkins represents TPG Pace Energy Holdings Corp. in its pending purchase of oil and gas assets in South Texas from EnerVest, which turned to Gibson, Dunn & Crutcher for the $2.66 billion deal. At closing, the companies are partnering to form a new public company, Magnolia Oil & Gas Corp.
On Tuesday, Houston-based EnerVest, on behalf of certain institutional partnerships, announced definitive agreements to sell Eagle Ford and Austin Chalk shale assets to TPGE, an energy-focused special acquisition entity for about $2.66 billion in cash and stock. EnerVest and TPGE will partner to create Magnolia Oil & Gas, with Steve Chazen, a former chief executive officer of Occidental Petroleum Corp., at the helm as chair, president and CEO.
The deal is expected to close late in the second quarter of 2018 following approval from TPGE shareholders and other customary closing conditions.
At V&E, partners Keith Fullenweider of Houston and John Grand of Dallas lead the team for TPGE, with assistance from partners Doug McWilliams and Mark Brazzil, both of Houston; David Wicklund of New York; and senior associates Danielle Patterson and Benjamin Barron and associate Robert Hughes, all of Houston.
The Gibson Dunn team for EnerVest is led by Houston oil and gas partners Michael Darden and Justin Stolte, with assistance from Houston corporate partner Gerry Spedale, tax partner James Chenoweth, finance partner ShalLa Prichard and oil and gas associates Matt Savage, David Cias, Graham Valenta and Jordan Silverman. Also, corporate associates Evan D'Amico of Washington, D.C., and Danny Nordstrom of Denver are working on the transaction.
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