Callaway Golf has closed on a deal to buy the remaining share of Topgolf Entertainment it doesn’t already own.
The equipment company agreed to buy the driving range operator in an all-stock deal that values Topgolf at around $2 billion. Callaway, which already owns a roughly 14% stake in Topgolf, had a market value of about $2 billion.
Dallas-based Topgolf — which operates around 60 locations that offer games, food and drink across four countries — generated about $1.1 billion in revenue in 2019. It had reportedly been looking at an IPO.