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Callaway to buy rest of Topgolf

Credit: REUTERS/Steven Flynn

Golf club maker Callaway Golf Co said on Tuesday it would buy the rest of Topgolf Entertainment Group, giving the U.S. driving-range operator an equity value of about $2 billion.

Adds details on deal structure

Oct 27 (Reuters) - Golf club maker Callaway Golf Co ELY.N said on Tuesday it would buy the rest of Topgolf Entertainment Group, giving the U.S. driving-range operator an equity value of about $2 billion.

Shares of Callaway, which has been an investor in Topgolf since 2006 and currently owns a 14% stake in the company, were up 2.3% at $20.25 in extended trading.

After the deal, Callaway shareholders will own about 51.5% of the merged entity, while Topgolf shareholders, excluding Callaway, will own the rest, the companies said.

Topgolf's other investors include Providence Equity Partners, Fidelity Research and Management and Thomas Dundon, Chairman of Dundon Capital Partners.

(Reporting by Uday Sampath and Munsif Vengattil; Editing by Vinay Dwivedi)

((UdaySampath.Kumar@thomsonreuters.com; Twitter: https://twitter.com/sampath_uday ;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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