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Merger of Callaway Golf Company and Topgolf International completed

Merger of Callaway Golf Company and Topgolf International completed
March 18, 2021

Callaway Golf Company and Topgolf International, Inc. have announced that the completion of their merger following approval by shareholders of both companies.

The resultant combined enterprise creates a player unlike any other in the golf industry delivering technology-enabled golf company golf equipment, apparel and entertainment with a value of around US$2.5 billion.

Topgolf is a leading golf entertainment business, with an innovative platform comprised of gold-based social entertainment venues, backed by its Toptracer technology and innovative media platform.

Callaway is a leader in the global golf equipment market with a scale position in active-lifestyle soft goods.

Commenting on the merger, Callaway President and Chief Executive, Chip Brewer stated “Callaway and Topgolf are just better together.

“Callaway’s leadership in the global golf equipment market and geographic diversity, combined with Topgolf’s revolutionary technology platform and access to golfers of all abilities, will allow both companies to accelerate growth and create competitive advantages.

“This transformational merger has already created and will continue to create meaningful shareholder value. We are very excited to begin this next chapter and I cannot wait to see what we can accomplish together.”

Following its several years of rapid growth, Topgolf Executive Chairman, Erik Anderson added “I am tremendously proud of everything we’ve achieved at Topgolf since our founding in 2000.

“Our dedicated team of associates, groundbreaking Toptracer technology, and proprietary venues and media platforms have transformed the intersection of sports and entertainment. Together with Callaway, Topgolf has the opportunity to build upon its rapid growth story, bring the Topgolf experience to new communities and advance our mission of making golf a more inclusive and accessible game.”

Under the terms of the merger agreement, first announced in October last year, Callaway issued approximately 90 million shares of its common stock to the shareholders of Topgolf, excluding Callaway, which previously held approximately 14% of Topgolf’s outstanding shares.

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

Topgolf will continue to operate from its Dallas, Texas, USA headquarters, while the combined company’s board will consist of 13 directors including three appointed by Topgolf shareholders.

Lower image shows Topgolf on the Gold Coast.

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