Callaway Golf agrees to buy remainder of Topgolf – Fox Business
FOX Business’ Gerri Willis on the state of the golf industry.
Callaway Golf Co. has agreed to buy the remaining stake in driving-range chain Topgolf Entertainment Group in an all-stock deal.
The deal values Topgolf at $2 billion, including the 14% of the company that Callaway already owns. Topgolf shareholders are expected to receive an additional 90 million shares, bringing their ownership up to 48.5% of the combined company.
“Together, Callaway and Topgolf create an unrivaled golf and entertainment business,” said Callaway Golf CEO Chip Brewer. “We’ve long seen value in Topgolf and we are confident that together, we can create a larger, higher growth, technology-enabled global golf and entertainment leader.”
Topgolf’s driving ranges, which allow players to order food and drinks and compete against their friends, breathe new life into Callaway’s business.