Topgolf Callaway Sells 60% Stake

By Tamara Parker • Wednesday, November 19 10:22 • Permanent Link

Topgolf Callaway Brands Corp. (NYSE: MODG) has announced the sale of a 60% stake in its Topgolf and Toptracer business to private equity funds managed by Leonard Green & Partners, L.P. (LGP). This transaction values Topgolf at approximately $1.1 billion, with Topgolf Callaway Brands expecting to receive approximately $770 million in net proceeds.

Chip Brewer, President and CEO of Topgolf Callaway Brands, highlighted that the sale is the best outcome for shareholders, employees, and other stakeholders. The transaction provides significant proceeds and substantial upside for the continued growth of Topgolf.

After the closing of the transaction, Topgolf Callaway Brands will focus on its leading golf equipment & active lifestyle platform, with a brand portfolio consisting of Callaway, Odyssey, TravisMathew, and OGIO. These businesses generated approximately $2 billion in revenue over the last twelve months through Q3 2025.

The company's financial advisors for the transaction are Goldman Sachs & Co. LLC and Centerview Partners, with Latham & Watkins LLP serving as legal counsel.

Furthermore, Topgolf Callaway Brands expects the transaction, which was unanimously approved by its board of directors, to close in the first quarter of 2026. It is subject to certain regulatory approvals and customary closing conditions.

Upon the closing of this transaction, the company plans to change its name to Callaway Golf Company and update its ticker symbol to CALY, with its common stock continuing to trade on the New York Stock Exchange.

The financial advisor to LGP is Moelis & Company LLC, with Ropes & Gray LLP serving as corporate legal counsel and Sidley Austin LLP serving as financing counsel.

The company will be holding a conference call to discuss the announced agreement. The call will be webcast live on the investor relations website, with a replay available on the company's website.

These developments mark a significant shift for Topgolf Callaway Brands, signaling a strategic realignment towards its core golf equipment and active lifestyle business. As a result of these announcements, the company's shares have moved -5.42% on the market, and are now trading at a price of $10.29. If you want to know more, read the company's complete 8-K report here.

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