---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-078003"
form_type: "8-K"
ticker: "CALY"
cik: "0000837465"
company_name: "Callaway Golf Co"
filed_at: "2025-04-10T23:59:59+00:00"
generated_at: "2026-05-23T17:48:28.623318+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-25-078003
- form_type: 8-K
- ticker: CALY
- cik: 0000837465
- company_name: Callaway Golf Co
- filed_at: 2025-04-10T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/837465/000119312525078003/0001193125-25-078003-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/837465/000119312525078003/d948334d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-078003
- JSON: https://secwatch.observer/filing/0001193125-25-078003.json
- Plain text: https://secwatch.observer/filing/0001193125-25-078003.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.