Topgolf Callaway announces up to $200M share repurchase

Topgolf Callaway (MODG) this morning announced that its board has authorized the company to repurchase up to $200M of common stock in open market or private transactions. “The Company will assess market conditions, buying opportunities and other factors from time to time and will make strategic repurchases as deemed appropriate,” Topgolf said in a statement. CEO Chip Brewer added, “I am very pleased to report today that we have completed the sale of a majority interest in Topgolf. This transaction positions both companies as separate, well-capitalized, focused, pure play businesses that should thrive in their respective spaces. It also maintains the strong marketing synergies via a strategic marketing partnership and provides the opportunity for future value creation through our 40% retained stake in Topgolf. Further, with our repayment of $1 billion in debt, and our Board’s approval of a new share repurchase program, we are not only significantly reducing our leverage but also reinforcing our commitment to delivering long-term value for our shareholders.”