Callaway Golf Co (CALY): M&A transaction — Topgolf Callaway completes sale of 60% Topgolf stake; repays $1B debt, $200M buyback, name change to Callaway Golf

Callaway Golf Co

Sold 60% stake in Topgolf/Toptracer to Leonard Green & Partners for ~$800M net proceeds; values Topgolf at ~$1.1B.
Repaid $1B term loan B; pro forma debt ~$480M, unrestricted cash ~$680M after close.
Board authorized $200M stock repurchase program, replacing prior program; convertible notes targeted for repayment.
Company to rename to 'Callaway Golf Company' effective ~Jan 15, 2026; ticker changes from MODG to CALY ~Jan 16.
Retains 40% stake in Topgolf with board representation, consent/consultation rights, and marketing partnership.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Callaway Golf Co completed a disposition involving LGP TG Aggregator, LLC for approximately $800 million in net proceeds (closed 2026-01-01).

Action: disposition
Counterparty: LGP TG Aggregator, LLC
Consideration: approximately $800 million in net proceeds
Closing: 2026-01-01

Exact text from the filing

effective January 1, 2026, the Sellers completed the sale of a 60% stake in the Topgolf and Toptracer businesses for approximately $800 million in net proceeds

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Callaway Golf Co filing history →

Source: SEC EDGAR

accession 0000837465-26-000003

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