Topgolf Callaway Brands to sell 60% stake in Topgolf to Leonard Green for ~$1.1B valuation; net proceeds ~$770M

Callaway Golf Co

Transaction values Topgolf at ~$1.1 billion; Company to receive ~$770M in net proceeds.
Company to retain 40% stake; post-close focus on Callaway, Odyssey, TravisMathew, Ogio brands (~$2B revenue).
Expected closing in Q1 2026; subject to HSR and customary conditions; no financing condition.
Upon closing, Company plans to rename to Callaway Golf Company and change ticker to CALY.
Board unanimously approved; Goldman Sachs and Centerview Partners advised Company.

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