Topgolf Callaway Brands announced it has completed the sale of a 60% stake in its Topgolf and Toptracer businesses to private equity funds managed by Leonard Green & Partners, a transaction that became effective January 1, 2026, and values the Topgolf unit at approximately $1.1 billion.
The company said it received about $800 million in cash proceeds from the transaction, net of working capital adjustments and transaction expenses, and subject to additional customary purchase price adjustments. Topgolf Callaway retained a 40% stake in the business and said the separation is designed to position both companies as focused, well-capitalized “pure play” platforms while preserving marketing synergies through a strategic marketing partnership.
Alongside the closing, Topgolf Callaway repaid $1 billion of outstanding borrowings under its term loan B facility. After the repayment, the company said it had approximately $480 million in outstanding debt, including roughly $258 million in convertible notes and about $166 million in term debt, and unrestricted cash and cash equivalents of approximately $680 million. The company said it expects to use a portion of the proceeds to repay its convertible notes, which are scheduled to mature in May 2026.
The company also announced a new $200 million common stock repurchase authorization, which it said replaces any unused portion of its prior repurchase program. Repurchases may be made in open market or private transactions, subject to market conditions, legal requirements, and the terms of its credit facilities.
In a broader shift back toward its core golf equipment and apparel identity, the company said it plans to change its corporate name back to Callaway Golf Company, with the name change expected to take effect on or about January 15, 2026. It also intends to change its New York Stock Exchange ticker symbol from MODG to CALY effective on or about January 16, 2026.
Topgolf Callaway Brands is a golf equipment, gear, and apparel company whose portfolio includes Callaway Golf, Odyssey, TravisMathew, and OGIO.
KEY QUOTE:
“I am very pleased to report today that we have completed the sale of a majority interest in Topgolf. This transaction positions both companies as separate, well-capitalized, focused, pure play businesses that should thrive in their respective spaces. It also maintains the strong marketing synergies via a strategic marketing partnership and provides the opportunity for future value creation through our 40% retained stake in Topgolf. Further, with our repayment of $1 billion in debt, and our Board’s approval of a new share repurchase program, we are not only significantly reducing our leverage but also reinforcing our commitment to delivering long-term value for our shareholders.”
Chip Brewer, President and Chief Executive Officer, Topgolf Callaway Brands
