Shareholders finally signed off on a partnership that will be tough to beat in the $80 billion golf industry.
The merger between Callaway and Topgolf, first announced in October, was approved earlier this week. Callaway already owned a 14% stake in Topgolf after an early investment in 2006 and will pay $2.66 billion in stock to acquire the rest of the company.
Chip Brewer, Callaway’s president and CEO, highlighted the union between his company’s “leadership in the global golf equipment market” and Topgolf’s “revolutionary technology platform.”
Topgolf reported revenue of $1.1 billion in 2019, with growth at a 30% compound annual rate since 2017. The company had considered going public and saw its valuation reach as high as $4 billion.
Callaway has also been performing well — net sales hit $375 million in the fourth quarter of 2020, a company record. Q4 also included:
- 48.5% increase in golf club sales
- 14.3% increase in golf ball sales
- 8.7% increase in apparel sales
Topgolf will open its seventh location in Florida in Fort Myers later this year. Southern California will get its first two Topgolf locations in early 2022.
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