Callaway Sells Topgolf in Deal Valued at $1.1 Billion
Callaway announced that it has signed an agreement to sell 60% stake in Topgolf to a private equity firm managed by Leonard Green & Partners.
According to a press release, the transaction values Topgolf at approximately $1.1 billion.
“After a robust process and a thorough evaluation of a range of alternatives, we believe this sale is the best outcome for our shareholders, as well as our employees and other stakeholders. This transaction is highly attractive in that it provides the Company with both significant proceeds and substantial upside in the continued growth of Topgolf,” said Chip Brewer, President and CEO of Topgolf Callaway Brands, in a statement.
Callaway is expecting to receive about $770 million in net proceeds, per the release.
The transaction is expected to close in the first quarter of 2026.
Upon the closing of the deal, Topgolf Callaway is planning to change its name to Callaway Golf Company and update its ticker symbol to CALY.
Brewer added, “Importantly, this transaction supports our strategy of focusing on our leading Golf Equipment & Active Lifestyle platform. Post-transaction, our ongoing brand portfolio will consist of: Callaway, Odyssey, TravisMathew and Ogio. These businesses generated approximately $2 billion in revenue over the last twelve months through Q3 2025. Furthermore, after the closing of this transaction, the ongoing business will be well-capitalized, enabling us to continue to reinvest in our businesses, pay down debt and deliver a meaningful return of capital to shareholders via stock repurchases or other means. We will work with our board of directors to determine the specifics of this capital allocation strategy, as well as the optimal capital structure for our ongoing business.”
As GolfNewsRI reported, Topgolf Callaway announced plans to split in September of 2024.
That announcement came shortly after Topgolf saw an 8% sales drop in August of 2024.