Topgolf Callaway to spin off Callaway and Topgolf.

Topgolf Callaway, an American global sports equipment manufacturing company that designs, manufactures, markets and sells golf equipment, agreed to spin off Callaway, a golf equipment producer with an active lifestyle business, and Topgolf, a golf entertainment business. "Over the last decade plus, we have transformed Callaway into the #1 brand in golf equipment, while building a successful and complementary apparel and accessory business. We believe this business, on a stand-alone basis, will be well understood and valued by the market. Since our merger with Topgolf, we have made considerable investments in the Topgolf business that have dramatically expanded its scale, digital capabilities and venue profitability," Chip Brewer, Topgolf Callaway Brands President and CEO.