TPG Pace Energy announced that its shareholders have approved the previously announced business combination with EnerVest's South Texas Division at the special meeting of shareholders held. Additionally, the company announced that it will have in excess of $655M in its trust account from its May 2017 initial public offering as well as the $355M raised in a March private placement to complete the business combination. The company's board of directors had previously approved the business combination. In addition to approving the business combination, the company's shareholders approved the proposals to amend the company's amended and restated certificate of incorporation, including changing the name of the company to "Magnolia Oil & Gas Corporation," and all of the other proposals included in the definitive proxy statement filed by the company with the Securities and Exchange Commission on July 2.
TPG Pace Energy Holdings filed a definitive proxy statement with respect to its business combination with EnerVest's South Texas Division. The special meeting of stockholders will be held at 9:00 a.m. Eastern Standard Time, on July 17. TPGE expects the business combination to close on July 31, subject to the satisfaction of customary closing conditions, including the approval of the business combination by TPGE's stockholders at the special meeting. In connection with the consummation of the transaction, on August 1,TPGE will be renamed Magnolia Oil and Gas,its Class A common stock will trade on the NYSE under the ticker symbol "MGY" and it will start implementing Steve Chazen's objective of maximizing shareholder returns by generating steady production growth, strong pre-tax margins in excess of industry norms and significant free cash flow.