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.
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- Daniel Berger what’s in the bag accurate as of the Farmers Insurance Open. More photos from the event here.
Driver: Ping G430 LST (10.5 degrees)
Shaft: Fujikura Ventus Black 6 X
3-wood: TaylorMade Qi10 (15 degrees)
Shaft: Fujikura Ventus Black 7 X
6-wood: TaylorMade Qi10 Tour (21 degrees)
Shaft: Fujikura Ventus Black 8 X
Irons: TaylorMade P770 (3), TaylorMade Tour Preferred MC 2011 (4-PW)
Shafts: Project X Denali Blue 105 TX (3), Project X 6.5 (4-PW)
Wedges: Titleist Vokey Design SM9 (50-12F), Titleist Vokey Design SM10 (56-14F), Callaway Jaws Raw (60-08C)
Shafts: Project X 6.5 (50), True Temper Dynamic Gold Tour Issue S400 (56, 60)
Putter: Odyssey Ai-One Jailbird Mini DB
Grip: SuperStroke Zenergy PistolLock 1.0
Grips: Golf Pride Tour Wrap
Ball: Titleist Pro V1
Check out more in-hand photos of Daniel Berger’s clubs in the forums.
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What are the driver and shaft combinations of the best golfers in the world? For gearheads, it’s an endlessly interesting question — even if we can only ever aspire to play LS heads and 7 TX shafts.
At this week’s Zurich Classic of New Orleans, GolfWRX got in-hand looks at the driver setups of a wealth of players.
Check out some of the most interesting combos below, then head to the GolfWRX forums for the rest, as well as the rest of our galleries from New Orleans.
Rory McIlroy
Driver: TaylorMade Qi10 (9 degrees @8.25)
Shaft: Fujikura Ventus Black 6 X
Grip: Golf Pride MCC
Alex Fitzpatrick
Driver: Ping G430 LST (10.5 degrees)
Shaft: Fujikura Ventus Black 6 X
Grip: Golf Pride MCC
Daniel Berger
Driver: Ping G430 LST (10.5 degrees @9)
Shaft: Fujikura Ventus Black 6 X
Grip: Golf Pride Tour Wrap
Rasmus Hojgaard
Driver: Callaway Paradym Ai Smoke Triple Diamond (10.5 degrees)
Shaft: Mitsubishi Tensei 1K Blue 60 TX
Grip: Golf Pride MCC
Alejandro Tosti
Driver: Srixon ZX5 Mk II LS (9.5 degrees @10.5)
Shaft: Project X HZRDUS T1100 75 6.5
Grip: Golf Pride MCC Plus4
James Nicholas
Driver: Titleist TSR3 (8 degrees, A1 SureFit setting)
Shaft: Fujikura Ventus TR Blue 7 X
Grip: Golf Pride Tour Velvet
Kevin Streelman
Driver: Titleist TSR3 (10 degrees, D1 SureFit setting)
Shaft: Fujikura Ventus TR Black 6 X
Grip: Golf Pride Tour Velvet
Sang-moon Bae
Driver: Callaway Paradym Triple Diamond (9+ @8)
Shaft: Fujikura Ventus Blue 6 X
Grip: Golf Pride Tour Velvet
Russ Cochran
Driver: Callaway Paradym Ai Smoke (9 degrees)
Shaft: Graphite Design Tour AD TP 6 X
Grip: Golf pride MCC Align 
MJ Daffue
Driver: Callaway Paradym Ai Smoke Max (10.5 degrees @9.5)
Shaft: Project X HZRDUS Smoke Green RDX 65 TX
Grip: Golf Pride ZGrip Cord Align
Check our more photos from the Zurich Classic here.
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- Rasmus Højgaard what’s in the bag accurate as of the Zurich Classic.
Driver: Callaway Ai Smoke Triple Diamond (10.5 degrees)
Shaft: Mitsubishi Tensei 1K Blue 60 TX
3-wood: Callaway Ai Smoke Triple Diamond Prototype (16.5 degrees)
Shaft: Mitsubishi Tensei 1K White 80 TX
Utility: Callaway Apex UW (21 degrees)
Shaft: Mitsubishi Tensei AV Raw White 85 TX
Irons: Callaway Apex Pro (3), Callaway X Forged (4-PW)
Shafts: KBS $-Taper 130
Wedges: Callaway Jaws Raw (52-10S, 56-10S, 60-06C)
Shafts: KBS Tour 130 X
Putter: Odyssey Ai One Milled Eight T DB
Grips: Golf Pride MCC
Check out more in-hand photos of Hojgaard in the forums.
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Daniel Berger WITB 2024 (April)
Daniel Berger what’s in the bag accurate as of the Farmers Insurance Open. More photos from the event here. Driver:...
Rasmus Højgaard WITB 2024 (April)
Rasmus Højgaard what’s in the bag accurate as of the Zurich Classic. Driver: Callaway Ai Smoke Triple Diamond (10.5 degrees)...
Rory McIlroy WITB 2024 (April)
Rory McIlroy what’s in the bag accurate as of the Zurich Classic. Driver: TaylorMade Qi10 (9 degrees) Shaft: Fujikura Ventus...
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Sam Burns’ what’s in the bag accurate as of the RBC Heritage. Driver: Callaway Paradym Triple Diamond S (9 degrees...
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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.