Topgolf Callaway to sell 60% stake in Topgolf, Toptracer business

Topgolf Callaway (MODG) announced that it has signed a definitive agreement to sell a 60% stake in its Topgolf and Toptracer business to private equity funds managed by Leonard Green & Partners. The transaction values Topgolf at approximately $1.1B. In connection with this sale and its related financing transactions, Topgolf Callaway Brands expects to receive approximately $770M in net proceeds. Topgolf Callaway Brands expects the transaction, which was unanimously approved by its board of directors, to close in the first quarter of 2026. The transaction is subject to certain regulatory approvals and customary closing conditions, including the expiration or termination of applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act. The transaction is not subject to any financing conditions. LGP has obtained debt and equity commitments for the transaction. Upon the closing of this transaction, the company plans to change its name to Callaway Golf and update its ticker symbol to (CALY). The company’s common stock will continue to trade on the New York Stock Exchange.