Callaway Completes Previously Announced Merger with Topgolf

by Julia Sanders

Carlsbad, Calif. and Dallas, Texas — Carlsbad, Calif.-based equipment and apparel manufacturer Callaway Golf Co. (NYSE: ELY) has completed its merger with Topgolf Entertainment Group.

Under the terms of the merger agreement, Callaway issued approximately 90 million shares of its common stock to the shareholders of Topgolf (excluding Callaway, which previously held approximately 14 percent of Topgolf’s outstanding shares).

Callaway shareholders now own approximately 51.3 percent of the outstanding shares of the newly combined entity, and former Topgolf shareholders (excluding Callaway) own approximately 48.7 percent.

Both firms have strong real estate ties to Texas. Topgolf is based in Dallas and operates approximately 15 percent of its 80 venues across the country in Texas markets. Callaway has been a longstanding industrial user at AllianceTexas in Fort Worth, recently expanding its total footprint at the Hillwood-owned development to roughly 784,000 square feet.

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