Leonard Green to acquire a 60% stake in Topgolf from Topgolf Callaway Brands for $770m.

Leonard Green & Partners, a private equity investment firm, agreed to acquire a 60% stake in Topgolf business from Topgolf Callaway Brands, an unrivaled tech-enabled Modern Golf and active lifestyle company, for $770m. "As we considered various alternatives to separate Topgolf, including a potential spin-off transaction, we received interest from a number of parties. After a robust process and a thorough evaluation of a range of alternatives, we believe this sale is the best outcome for our shareholders, as well as our employees and other stakeholders. This transaction is highly attractive in that it provides the Company with both significant proceeds and substantial upside in the continued growth of Topgolf," Chip Brewer, Topgolf Callaway Brands President and Chief Executive Officer.