Equipment
Callaway announces huge all-stock merger deal with Topgolf
Callaway Golf has announced an all-stock merger agreement with TopGolf with the number of shares to be issued based upon an implied equity value of Topgolf of approximately $2 billion – including the 14% already owned by Callaway.
Callaway first invested in the golf entertainment company, Topgolf, back in 2006 entering an exclusive golf partnership agreement at all Topgolf venues.
On the new deal expected to be completed in early 2021, Chip Brewer, President and Chief Executive Officer of Callaway said that the all-stock merger between the two can create “an unrivaled golf and entertainment business”.
“Together, Callaway and Topgolf create an unrivaled golf and entertainment business. 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’ve long seen the value in Topgolf and we are confident that together, we can create a larger, higher growth, technology-enabled global golf and entertainment leader.”
Under the terms of the merger agreement, Callaway will issue approximately 90 million shares of its common stock to the shareholders of Topgolf, excluding Callaway, which currently holds approximately 14% of Topgolf’s outstanding shares. Upon completion of the merger, Callaway shareholders will own approximately 51.5%, and Topgolf shareholders (excluding Callaway) will own about 48.5% of the combined company on a fully diluted basis.
Topgolf’s revenue for 2019 was approximately $1.1 billion, and the company currently has 63 locations worldwide, including 58 in the U.S., and has more than 23 million customers. Find out all about Topgolf here.
Neal Shipley was the first to admit that he enjoyed his food while in college. But since his days at Ohio State, he’s slimmed down and earned a PGA Tour Card.
That hasn’t stopped him from having fun with his wedge stampings, though it’s led to some misunderstandings.
On the 54 (degree), we have ‘Big Fudge,'” Shipley told GolfWRX. “It was supposed to be ‘Big Fridge,’ so this happened a little while ago. ‘Big Fridge’ was a nickname between my college teammates and I, with ‘fridge’ meaning stomach, a big stomach.
“We told the Ping guys to put … ‘Big Fridge’ on it, and I think maybe some bad cell service or something, and they thought I said ‘fudge,’ so they put fudge on it.”
On Shipley’s 50-degree he also continues the food theme, this time with his go-to order at the “Golden Arches,” and his stamping “DONS 7.”
“The number 7 meal, the two cheeseburger meal, that was my McDonald’s order, back when I would have McDonald’s frequently,” Shipley shared.
At GolfWRX, we are a community of like-minded individuals who all experience and express our enjoyment of the game in many ways.
It’s that sense of community that drives day-to-day interactions in the forums on topics that range from best driver to what marker you use to mark your ball. It even allows us to share another thing we all love – buying and selling equipment.
Currently, in our GolfWRX buy/sell/trade (BST) forum, @raw10628 has a L.A.B. DF3 putter and Masters putter cover up for grabs.
From the listing: “Some great items here today, time to thin out and make room for next set of gear. All prices include shipping.
LAB DF3 Purple 33.5” 68° lie with TPT – $725. LAB Masters release DF3 cover – $150.”
To check out the full listing in our BST forum, head through the link. If you are curious about the rules to participate in the BST Forum, you can learn more here: GolfWRX BST Rules
Driver: Ping G440 LST (9 degrees)
Shaft: Accra TourZ Green 5-M4
3-wood: Ping G440 Max (15 degrees)
Shaft: Accra TourZ Green 6-M4
5-wood: Ping G440 Max (19 degrees @18)
Shaft: Accra TourZ Green 6-M4
Hybrid: Ping G440 (23 degrees)
Shaft: Oban Isawa Red Hybrid Shaft 04 Flex 70 Gms
Irons: Srixon ZXi7 (5-P)
Shafts: Aerotech SteelFiber Private Reserve i80
Wedges: Cleveland RTZ (50-MID, 54-FULL, 58-MID)
Shafts: Aerotech SteelFiber Private Reserve i105
Putter: L.A.B. Golf OZ.1i
Shaft: ACCRA Putter Shaft
Grips: Golf Pride Tour Velvet
Aaron Rai’s winning WITB: 2026 PGA Championship
Russell Henley’s winning WITB: 2026 Charles Schwab Challenge
Photos from the 2026 CJ Cup Byron Nelson
CJ Cup Byron Nelson Tour Report: Koepka and Kim’s newest putters finally get hot
Charles Schwab Challenge Tour Report: MacIntyre, Åberg and Spaun all switch putters, TaylorMade launches new Spider
Details on J.J. Spaun’s surprise putter switch
GolfWRX Launch Report: 2026 Titleist GTS drivers
Photos from the 2026 Charles Schwab Challenge
PGA Championship Tour Report: Fitzpatrick, Koepka among big-name putter switches for Aronimink
Photos from the ShopRite LPGA
Maria Torres WITB 2026 (June)
Driver: Ping G440 LST (9 degrees) Shaft: Accra TourZ Green 5-M4 3-wood: Ping G440 Max (15 degrees) Shaft: Accra TourZ Green 6-M4 5-wood: Ping G440...
Eric Cole WITB 2026 (June)
Driver: PXG Lightning Tour Max (9 degrees) Shaft: Project X Titan Yellow 70 TX 3-wood: TaylorMade Qi4D (15 degrees) Shaft:...
Si Woo Kim WITB 2026 (May)
Driver: Callaway Quantum Triple Diamond (8.5 degrees) Shaft: Fujikura Ventus Black 6 X Mini driver: Callaway Paradym Ai Smoke Mini...
Wyndham Clark’s winning WITB: 2026 CJ Cup Byron Nelson
Driver: TaylorMade Qi4D (10.5 degrees) Shaft: Project X Titan Yellow 60 TX 3-wood: TaylorMade Qi4D Tour (15 degrees) Shaft: Project...
Mike
Oct 30, 2020 at 3:11 pm
This is kind of hilarious. Other than them both being golf companies there really aren’t a lot of synergies here. Terrible move for Callaway to be honest. Watch for their stock price to sink like a rock even further.
They think there’s big growth in these TopTracer products to sell to driving ranges, when the reality is personal launch monitors have become so cheap that hardcore golfers don’t need top tracer. A team of two guys in South Africa just created a pretty decent phone app that is a launch monitor.
Topgolf’s are franchised, so at least they don’t have all of the carrying costs on their books but I think TopGolf will come back much slower than real golf–which is obviously booming.
Rascal
Oct 30, 2020 at 5:50 pm
You didn’t have to wait long, ELY tanked big time only a day after the announcement.
Find it, Cut it
Oct 28, 2020 at 5:29 pm
Fairly appropriate. TopGolf is a golf-approximation entertainment company.
And so is Callaway.
Edward Bardoe
Oct 28, 2020 at 9:44 am
I loved the picture Golf channel.com used to illustrate the story, a barefoot drunk swinging away. Should rename the company “not golf”. Mostly a real estate play.
Mark
Oct 28, 2020 at 7:42 am
I love the hyperbole viz. “…the company currently has 63 locations worldwide, including 58 in the U.S.”: barely a worldwide operation with 92% of your locations in one country.