Topgolf Callaway Brands Corp. has signed an agreement to sell a 60% stake in its Topgolf and Toptracer business to Leonard Green & Partners, L.P.
The transaction values Topgolf at approximately $1.1 billion with Topgolf Callaway Brands retaining a 40% stake.
Topgolf Callaway Brands expects to receive around $770 million in net proceeds from the sale.
Transaction Details
Leonard Green & Partners to acquire a 60% interest in Topgolf, valuing the business at $1.1 billion.
Proceeds
Topgolf Callaway Brands anticipates receiving approximately $770 million in net proceeds.
Strategic Shift
Focus will shift to the Golf Equipment & Active Lifestyle platform post-transaction, with a new ticker symbol CALY.
- The sale provides Topgolf Callaway Brands with significant proceeds and the opportunity for future growth.
- The partnership with Leonard Green & Partners aims to accelerate Topgolf's financial success and expansion.
The sale of a majority stake in Topgolf marks a strategic move for Topgolf Callaway Brands towards focusing on its core businesses, with a well-capitalized future ahead. The renaming to Callaway Golf Company reflects this shift in vision.