Topgolf Callaway Responds to Reports it’s Exploring Sale
Topgolf Callaway Brands have issued an official statement regarding reports of the company exploring a sale and a spinoff.
Earlier on Wednesday, South Korean newspaper The Chosun Daily reported that Callaway’s three largest investors, including RI’s Providence Equity Partners LLC, are exploring a sale of Callaway and spin off the top golf business.
The Daily reports that Callaway would be sold for approximately $3 billion.
Callaway issued the following statement on Wednesday afternoon:
“While it is our long-standing practice not to respond to market rumors and speculation, in light of today’s unusual market activity, coupled with a recent media report originating in Korea regarding discussions of a potential sale of the Company or its golf equipment business, we confirm that we are not aware of any such discussions. We do not intend to comment further on this topic, and we assume no obligation to make any further announcement or disclosure should circumstances change.”
The Chosun Daily says that a South Korean Investment company is the leading candidate to buy the major golf brand.