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.