---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-135145"
form_type: "8-K"
ticker: "CALY"
cik: "0000837465"
company_name: "Callaway Golf Co"
filed_at: "2025-06-05T23:59:59+00:00"
generated_at: "2026-05-19T23:17:01.514959+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Topgolf Callaway Brands completes sale of Jack Wolfskin to ANTA Sports for $290M cash

## Summary
- Sale of Jack Wolfskin closed May 31, 2025; cash consideration $290M, net of cash sold and subject to adjustments.
- Company says sale enhances financial flexibility ahead of planned separation of Topgolf from core operations.
- Concurrent with sale, reallocated $20M from German ABL facility to U.S. facility and terminated remaining German facility.
- Pro forma shows FY2024 revenue would be $3,892.7M vs $4,239.3M as reported, excluding Jack Wolfskin.

## SEC filing metadata
- accession: 0001193125-25-135145
- form_type: 8-K
- ticker: CALY
- cik: 0000837465
- company_name: Callaway Golf Co
- filed_at: 2025-06-05T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.01, 2.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/837465/000119312525135145/0001193125-25-135145-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/837465/000119312525135145/d938841d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-135145
- JSON: https://secwatch.observer/filing/0001193125-25-135145.json
- Plain text: https://secwatch.observer/filing/0001193125-25-135145.txt

## Key facts
- Debt Financings
  Callaway Golf Co amended revolving credit of up to $525 million with Bank of America, N.A., as administrative agent.
  - Instrument: revolving credit
  - Principal: up to $525 million
  - Counterparty: Bank of America, N.A., as administrative agent
  - Event: amendment
  source text: agent and as security trustee, providing for senior secured asset-based revolving credit facilities (the “ABL Facility”) in an original aggregate principal amount of up to $525 million. Concurrently with the Sale, pursuant to the terms and conditions of ABL Credit Agreement and the previously disclosed Third Amendment to Fifth Amended and Restated Loan and
  evidence_url: https://www.sec.gov/Archives/edgar/data/837465/000119312525135145/0001193125-25-135145-index.htm
- M&A Transactions
  Callaway Golf Co completed a disposition involving Anca Holdco GmbH & Co. KG (indirect wholly-owned subsidiary of ANTA Sports Products Limited) for $290 million in cash, net of cash sold and subject to net working capital and other customary adjustments (closed 2025-05-31).
  - Action: disposition
  - Counterparty: Anca Holdco GmbH & Co. KG (indirect wholly-owned subsidiary of ANTA Sports Products Limited)
  - Consideration: $290 million in cash, net of cash sold and subject to net working capital and other customary adjustments
  - Closing: 2025-05-31
  source text: the Company completed the sale of 100% of the outstanding equity interests of Callaway Germany Holdco GmbH, which owns various entities that operate the Jack Wolfskin business, for $290 million in cash
  evidence_url: https://www.sec.gov/Archives/edgar/data/837465/000119312525135145/0001193125-25-135145-index.htm

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