• Loading stock data...
Monday, June 23, 2025

Callaway Closes on Deal to Buy Remaining Share of Topgolf

  • Callaway already owns about 14% of Topgolf.
  • Topgolf’s properties have been popular as the COVID-19 pandemic drove socializing outdoors.
topgolf
Grace Hollars/IndyStar

Callaway Golf is buying the remaining share of Topgolf Entertainment it didn’t already own, the companies announced on Oct. 27.

The equipment company and driving range operator have an all-stock deal that values the latter at more than $2 billion. Callaway, which first invested in Topgolf in 2006 and already owned about 14% of the company, has a market value of about $2 billion. 

“We are excited to join the Callaway family and strengthen the experiences we create at the intersection of sports and tech-driven entertainment,” Topgolf CEO Dolf Berle said in an announcement. “Fueled by a tremendous team of associates and a diverse offering across our venues, Toptracer, and media platform, Topgolf is truly changing the landscape of the industry by making golf more inclusive and accessible to people of all ages, demographics and skill levels. As part of Callaway, we plan to grow our leadership position by leveraging Callaway’s brand reputation, industry relationships and financial strength to connect more communities around the world to the Topgolf experience.”

Callaway now has a strong foothold in the growing sports entertainment space. 

Dallas-based Topgolf — which operates around 60 locations that offer games, food and drink across four countries — has been popular amid the COVID-19 pandemic as people have been encouraged to socialize outdoors. 

“Since its inception, Topgolf has created an innovative, tech-inspired twist on the golf driving range experience, turning it into a global entertainment and sports movement. Our track record of creativity and diversity of offerings will only grow stronger as part of Callaway, a global leader in the industry,” Erik Anderson, executive chairman of Topgolf, said. “All of us are looking forward to building new experiences, reaching new audiences and solidifying our digital infrastructure as we connect communities around the globe.”

Topgolf had reportedly been pursuing an IPO in early 2020 at a valuation of about $4 billion. Other investors include private equity firm Providence Equity Partners.

Callaway reported in August that its business was recovering from the COVID-19 pandemic “more quickly than expected.” While second quarter sales were down 34% year-over-year largely due to the shut down of retail operations and customers’ businesses, the company said there was a “significant increase” in its e-commerce sales.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Mar 15, 2025; Fort Worth, TX, USA; UAB Blazers forward Yaxel Lendeborg (3) dribbles the ball upcourt against the North Texas Mean Green during the first half at Dickies Arena

NIL Is Shrinking the Pool of NBA Draft Entrants

Agents are now advising many players to stay in school.
Apr 24, 2025; Green Bay, WI, USA; Penn State Nittany Lions defensive end Abdul Carter on the red carpet before the 2025 NFL Draft at Lambeau Field

‘More Is More’: The Elite Luxury Jewelers Decking Out Athletes

Meet the elite group of luxury designers crafting the biggest statement pieces.
Concert Golf Partners

PE-Backed Concert Golf Grows Empire With $60M Cape Cod Course

The company owns 39 private clubs and is backed by Clearlake Capital.

U.S. Open TV Ratings Down 8% After Rain Delay, Underdog Winner

NBC and Peacock averaged 5.4 million viewers for Sunday’s final round.

Featured Today

Dec 5, 2024; Miami, FL, USA; FIFA president Gianni Infantino presents the FIFA Club World Cup trophy during the Club Word Cup draw at Telemundo Studios.

Revamped Club World Cup Is FIFA’s Billion-Dollar Gamble

The revamped soccer event debuts amid controversy.
Jun 10, 2025; Nashville, Tennessee, USA; United States head coach Mauricio Pochettino stands during the anthem against the Switzerland during the first at Geodis Park
June 14, 2025

Gold Cup Is Complicated for USMNT—but U.S. Soccer Has Its Eyes on..

Uncertain tournament success isn’t fazing forward-looking U.S. soccer.
Jan 24, 2017; Davidson, NC, USA; The Davidson Wildcats student section cheers during the first half against the Duquesne Dukes at McKillop Court at John M. Belk Arena. Davidson defeated Duquesne 74-60.
June 6, 2025

Every College Wants a Flashy Basketball GM Hire Right Now

The role is more important than ever, and the definition is ever-evolving.
August 31, 2024; Columbus, Ohio, USA; The Goodyear blimp flies over Ohio Stadium during the first half of Saturday’s NCAA Division I football game between the Akron Zips and the Ohio State Buckeyes.
June 6, 2025

Why the Goodyear Blimp Is at Every Major Sports Event

The airship wasn’t built to cover sports. Now it’s a regular presence.

Max Verstappen Linked to $300M Aston Martin Deal Ahead of Miami GP

Aston Martin is currently seventh in the constructors championship.
March 20, 2025

High School Sports Power Signs Eight-Figure Rights Deal in First

The deal pays roughly $1 million annually, FOS has learned.
March 27, 2025

Peyton Manning’s Omaha Productions Gets PE Boost

The Hall of Famer’s company gains another prominent backer.
Sponsored

Game On: Portfolio Players Stories, Brought to You by E*TRADE from Morgan Stanley

Ted Leonsis unpacks basketball’s global rise, media rights, and portfolio ownership.
March 20, 2025

Maxx Crosby’s Agent: Edge Rushers Set to Dominate NFL’s Non-QB Market

Maxx Crosby just signed a three-year, $106.5 million extension.
March 4, 2025

Eagles Make Saquon Barkley NFL’s Highest-Paid Running Back Ever

Barkley is coming off a historic 2024 season with the Eagles.
February 18, 2025

Tiger Woods Signs First PGA Tour Player to Wear Sun Day Red

Karl Vilips will wear Sun Day Red at his season debut at the Mexico Open.
Teammates embrace during matchup in The Hundred cricket league
February 15, 2025

Google, Microsoft, Adobe CEOs Buy Stakes in Cricket League

The England and Wales Cricket Board raised £520m by selling team stakes.