---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-286175"
form_type: "8-K"
ticker: "CALY"
cik: "0000837465"
company_name: "Callaway Golf Co"
filed_at: "2025-11-18T23:59:59+00:00"
generated_at: "2026-05-16T18:59:27.996644+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-25-286175
- form_type: 8-K
- ticker: CALY
- cik: 0000837465
- company_name: Callaway Golf Co
- filed_at: 2025-11-18T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/837465/000119312525286175/0001193125-25-286175-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/837465/000119312525286175/d55238d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-286175
- JSON: https://secwatch.observer/filing/0001193125-25-286175.json
- Plain text: https://secwatch.observer/filing/0001193125-25-286175.txt

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