Topgolf Callaway Brands sells Jack Wolfskin to ANTA Sports for $290M cash

Callaway Golf Co

Sale price of $290M in cash, subject to working capital and customary adjustments; expected close late Q2/early Q3 2025.
Transaction subject to merger control and foreign investment approvals, plus other customary closing conditions.
Jack Wolfskin FY2025 embedded guidance: ~EUR 325M revenue, EUR 12M Adjusted EBITDA, with H1 loss of EUR 18M and H2 profit of EUR 30M.
Proceeds to enhance balance sheet and liquidity ahead of planned Topgolf separation from core operations.
ABL credit facility amended to permit release of Jack Wolfskin guarantees and reallocate $20M from German to U.S. facility.

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