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(Reuters) - Golf club maker Callaway Golf Co
said on Tuesday it would buy the rest of Topgolf Entertainment
Group, giving the U.S. driving-range operator an equity value of
about $2 billion.
Shares of Callaway, which has been an investor in Topgolf since
2006 and currently owns a 14% stake in the company, were up 2.3%
at $20.25 in extended trading.
After the deal, Callaway shareholders will own about 51.5% of
the merged entity, while Topgolf shareholders, excluding
Callaway, will own the rest, the companies said.
Topgolf's other investors include Providence Equity Partners,
Fidelity Research and Management and Thomas Dundon, Chairman of
Dundon Capital Partners.
(Reporting by Uday Sampath and Munsif Vengattil; Editing by
Vinay Dwivedi)
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