Callaway Golf, Topgolf announce massive merger

30 Octobre, 2020, 02:24 | Auteur: Adelaide Bullion
  • Callaway CEO talks Topgolf merger and growth outlook

In a deal confirmed by both parties and expected to close in early 2021, Callaway, which first acquired 14 per cent of Topgolf in 2006, will now take ownership of the rest of the company's shares.

That agreement included an integrated partnership at all Topgolf venues.

Investors were not happy with the deal, as Callaway's stock fell 18%.

Callaway chief executive Chip Brewer said the deal is created to attract new customers and add a stronger digital component to golfing, including microtransactions around personalised content in future.

Callaway Golf Co. has agreed to buy the remaining stake in driving-range chain Topgolf Entertainment Group in an all-stock deal.

Golf club maker Callaway Golf Co said on Tuesday it would buy the rest of Topgolf Entertainment Group, giving the US driving-range operator an equity value of about $2 billion.

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Topgolf, which has grown at a 30% compound annual rate since 2017, generated about $1.1 billion in revenue a year ago. "We've long seen value in Topgolf and we are confident that together, we can create a larger, higher growth, technology-enabled global golf and entertainment leader".

Callaway wasn't the only stock that suffered a near-20% plunge on Wednesday after a major announcement.

Callaway's stock had a particularly "tough day" after the deal was announced, Brewer said on CNBC's "Closing Bell". He said the stock had been heavily sold out beyond the broader market, although the timing of the announcement was "clearly not our friend". The combination of the two companies creates an entity that "doesn't really replicate anything that now exists".

Callaway is convinced the deal offers long-term value creation for shareholders despite the clear signal from investors that says otherwise, the CEO acknowledged.

"We come from an insider perspective and it is a proven model that has excellent growth prospects", he said.

Ultimately, the transaction will "more than double our growth prospects" and allow the company to operate from an even stronger position of strength.

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