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Topgolf Callaway Brands (MODG) investor relations material
Topgolf Callaway Brands M&A Announcement summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.M&A Announcement summary18 Nov, 2025
Deal rationale and strategic fit
Sale of a 60% stake in Topgolf and Toptracer to Leonard Green & Partners aims to optimize shareholder value, unlock significant proceeds, and sharpen strategic focus on core golf equipment and active lifestyle businesses.
The transaction structure allows retention of a 40% equity stake and a strategic marketing agreement, enabling continued participation in Topgolf's future growth.
The decision followed a thorough evaluation of alternatives, including a tax-free spinoff, with the chosen sale offering speed, certainty, significant cash proceeds, and future upside.
The process supports streamlining the brand portfolio to Callaway, Odyssey, TravisMathew, and Ogio.
Financial terms and conditions
The deal values Topgolf at approximately $1.1 billion, with net proceeds of about $770 million to be received at closing, subject to adjustments.
Leonard Green & Partners will acquire a 60% interest, while the seller retains 40%.
The transaction is not contingent on financing, as Leonard Green has secured necessary debt and equity commitments.
Synergies and expected cost savings
Separation will allow for a more simplified business structure and greater strategic focus, with anticipated benefits to RemainCo's efficiency and EBITDA.
Corporate overhead will be more directly allocated, supporting improved operational clarity.
Elaborate on planned shareholder capital return
What is the growth outlook for the focused portfolio?
How will LGP accelerate Topgolf's future growth?
Prioritize RemainCo's capital allocation
Topgolf's unit expansion strategy?
Why retain a 40% Topgolf equity stake?
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Next Topgolf Callaway Brands earnings date
Q4 202523 Feb, 2026
Next Topgolf Callaway Brands earnings date
Q4 202523 Feb, 2026
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Frequently asked questions
Topgolf Callaway Brands Corp is a sports and entertainment company specializing in golf equipment, apparel, and technology-driven leisure experiences. The company owns and operates Topgolf venues and markets golf clubs, balls, and lifestyle products under various brand names. Its operations include retail, digital, and experiential channels. Topgolf Callaway Brands Corp is headquartered in Carlsbad, California, and its shares are listed on the NYSE.
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