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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- Webb Simpson what’s in the bag accurate as of the Wells Fargo Championship. More photos from the event here.
Driver: Titleist TSR3 (10 degrees, A1 SureFit setting)
Shaft: Fujikura Ventus TR Black 6 X
3-wood: Titleist TS2 (15 degrees, B2 SureFit setting)
Shaft: Mitsubishi Tensei CK Blue 70 TX
5-wood: Titleist 913 Fd (18 degrees)
Shaft: UST Mamiya VTS Proforce 8 TX
Hybrids: Titleist TSR2 (24 degrees)
Shaft: Graphite Design Tour AD D1 Hybrid 105 X
Irons: Titleist T150 (5, 6), Titleist 680 (7-PW)
Shafts: True Temper Dynamic Gold Tour Issue X100
Wedges: Titleist Vokey Design SM9 (46-10F, 54-14F, 60-04L)
Shafts: True Temper Dynamic Gold Tour Issue X100 (46), True Temper Dynamic Gold Tour Issue S400
Putter: Odyssey Ai-One Jailbird Cruiser
Ball: Titleist Pro V1
Grips: Golf Pride Tour Velvet
Check out more in-hand photos of Webb Simpson’s clubs here.
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- Keegan Bradley’s WITB accurate as of the Wells Fargo Championship. >14 clubs pictured. Obviously, Bradley will reduce that number to 14 for competition. Check out more photos from the tournament here.
Driver: Ping G430 LST (10.5 degrees)
Shaft: Fujikura Ventus Black 6 X
3-wood: TaylorMade Qi10 (16.5 degrees)
Shaft: Aldila Rogue White 130 MSI 70 TX
Hybrid: Callaway Apex UW (19 degrees)
Shaft: Project X HZRDUS Smoke Black RDX 80 TX
Irons: Srixon ZX5 Mk II (3-5) Srixon ZX7 Mk II (6-PW)
Shafts: True Temper Dynamic Gold Tour Issue X100
Wedges: Cleveland RTX ZipCore (52-10 Mid, 58-6 Low)
Shafts: True Temper Dynamic Gold Tour Issue S400
Putter: Odyssey Ai-One Jailbird Cruiser
Grip: SuperStroke Zenergy WristLock
Grips: Golf Pride Tour Velvet Plus4
Ball: Srixon Z-Star Diamond
Check out more in-hand photos of Bradley’s clubs here.
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At GolfWRX, we are a community of like-minded individuals that 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, there is a listing for a set of Mizuno 245 irons.
From the seller: (@JB_007): “1. Mizuno Pro 245 – $1000 –> 950/obo
- Purchased brand new – they have 36 holes on them, with probably 10 premium range balls. Great set of irons, I just am looking to go another way right now.
- 5-PW –> stock L/L/L
- Project X LS 6.5
- Stock MCC Mizuno Grips.”
To check out the full listing in our BST forum, head through the link: Mizuno 245 irons
This is the most impressive current listing from the GolfWRX BST, and if you are curious about the rules to participate in the BST Forum you can check them out here: GolfWRX BST Rules
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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.