Dallas-based Topgolf Entertainment Group and Callaway Golf Co. announced a merger Tuesday that will create a player unlike any other in the golf industry.
The announcement comes just a few hours after the Wall Street Journal reported the two parties were in talks about a potential deal Tuesday.
The move creates a company with pro-forma 2019 revenue of nearly $2.8 billion — over $1.7 billion from Callaway and nearly $1.1 billion from Topgolf — and values Topgolf at approximately $2 billion.
"As part of Callaway, we plan to grow our leadership position by leveraging Callaway’s brand reputation, industry relationships and financial strength to connect more communities around the world to the Topgolf experience," Dolf Berle, CEO of Topgolf, said in a prepared statement.
