Callaway Golf Co. and Topgolf International announced Monday the companies have completed their previously announced merger, following approval by shareholders of both companies.
“Callaway and Topgolf are just better together,” said Chip Brewer, president and CEO of Carlsbad-based Callaway. “Callaway’s leadership in the global golf equipment market and geographic diversity, combined with Topgolf’s revolutionary technology platform and access to golfers of all abilities, will allow both companies to accelerate growth and create competitive advantages.”
Topgolf is known for its driving ranges with scoring features.
“I am tremendously proud of everything we’ve achieved at Topgolf since our founding in 2000,” said Erik Anderson, executive chairman. “Together with Callaway, Topgolf has the opportunity to build upon its rapid growth story, bring the Topgolf experience to new communities and advance our mission of making golf a more inclusive and accessible game.”
Under the terms of the merger agreement, which was announced on Oct, 27, Callaway issued about 90 million shares of stock to the shareholders of Topgolf, excluding Callaway, which previously held about 14% of Topgolf’s outstanding shares.
Brewer will continue to lead the combined company as president and CEO. Dolf Berle will continue to lead the Topgolf business through a transitionperiod, at which time he intends to step down. John Lundgren will continue as chairman of the board of the combined company, while Anderson will serve as vice chairman.
The combined company will be headquartered in Carlsbad, with Topgolf continuing to operate from its headquarters in Dallas.