(WKBN) – Callaway and Topgolf Entertainment Group will be merging to become a global golf and entertainment leader, according to an announcement Tuesday.
Topgolf is the leading tech-enabled golf entertainment business, with its innovative platform, open-air venues and Toptracer technology. The closest in our area are in Cleveland and Pittsburgh.
Callaway is a leader in the global golf equipment market.
“Together, Callaway and Topgolf create an unrivaled golf and entertainment business,” said Chip Brewer, Callaway president and CEO. “This combination unites proven leaders with a shared passion for delivering exceptional golf experiences for all — from elite touring professionals to new and aspiring entrants to the game.”
“We are excited to join the Callaway family and strengthen the experiences we create at the intersection of sports and tech-driven entertainment,” said Dolf Berle, CEO of Topgolf.
Under the terms of the merger agreement, Callaway and Topgolf will combine in an all-stock transaction. The number of shares to be issued is based upon an implied equity value of Topgolf of approximately $2 billion, including the 14% already owned by Callaway.
Callaway first invested in Topgolf in 2006 and the two companies have maintained a strong partnership since.
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