Callaway Golf Completes Merger With Topgolf

Carlsbad, Calif.-based Callaway said its $630 million in cash and liquidity could help Topgolf grow in coming years after being financed in its early years through private equity investment. (Topgolf)

Callaway Golf this afternoon announced it has closed on its highly-publicized merger with Topgolf.

Callaway said the combo will create an “unrivaled tech-enabled golf company” delivering leading golf equipment, apparel and entertainment. Callaway stock rose one percent in after-market trading to $29.84 per share.

Under the terms of the merger agreement, Callaway issued approximately 90M shares of its stock to the shareholders of Topgolf, excluding Callaway, which previously held approximately 14 percent of Topgolf’s outstanding shares.

Immediately following the merger, Callaway shareholders owned approximately 51.3 percent and former Topgolf shareholders (excluding Callaway) owned approximately 48.7 percent of the outstanding shares of the combined company.

The new Board of Directors of the combined company consists of 13 directors, including three new directors appointed by Topgolf shareholders. Callaway Golf CEO Chip Brewer will continue to lead the company. Topgolf’s chairman, Erik Anderson, will take a spot on Callaway’s board of directors as vice chairman.

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