Latham & Watkins Advises Topgolf Callaway Brands in Completed Sale of Majority Stake in Topgolf Business to Leonard Green & Partners

Topgolf Callaway Brands Corp. (Topgolf Callaway Brands) (NYSE: MODG) has announced the successful completion of its sale of a 60% stake in its Topgolf and Toptracer businesses (Topgolf) to private equity funds managed by Leonard Green & Partners, L.P., effective January 1, 2026. The transaction values Topgolf at approximately US$1.1 billion. In connection with the sale and related financing transactions, Topgolf Callaway Brands received approximately US$800 million in cash proceeds, net of working capital adjustments and transaction expenses (and subject to further customary purchase price adjustments).

Latham & Watkins LLP represents Topgolf Callaway Brands in the transaction with a corporate deal team led by San Diego partners Craig Garner and Kevin Reyes and Los Angeles partner David Zaheer, with associates Dylan Towns, Zach Kobayashi, and Shelby Harrison.