Callaway is Merging With TopGolf in Newly-Announced $2 Billion USD Deal

Callaway Golf Co.(NYSE: ELY) saw an increase in its stock price earlier after it announced plans to acquire the rest of Topgolf Entertainment Group.

This deal will be roughly priced at $2 billion USD, with Callaway already owning 14 percent of the driving-range/golf entertainment company. Callaway Chief Executive Officer Chip Brewer commented with: “We have thoughts about being the Peloton of golf.” With the acquisition of TopGolf Callaway has the potential to tap into a much younger audience as its services not only offer simply the driving-range aspect, but also food, drinks and electronic games. TopGolf has also been flourishing during COVID-19 thanks to the social distancing provided by its individual bays. Head over to TopGolf for more details.

In other sports news, Lewis Hamilton breaks Michael Schumacher’s Formula 1 record with 92 race wins.

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We have big news to share! 🎉👏 We’ve reached an agreement to combine with @Topgolf to help shape the future of golf. Together, we’ll deliver even more innovative products and exceptional experiences for ALL golfers. Check the link in our bio to learn more.

A post shared by Callaway Golf (@callawaygolf) on Oct 27, 2020 at 1:40pm PDT

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Today, we are making history! Topgolf announced we will combine with @callawaygolf to create an unrivaled leader in the golf and entertainment industry. #MoreGolfMoreFun All the deets linked in the bio 🔗

A post shared by Topgolf (@topgolf) on Oct 27, 2020 at 1:47pm PDT