Topgolf Callaway to Split into Two Public Companies

Company leaders believe separating the businesses will maximize growth and shareholder value.

Topgolf Callaway Brands plans to spin off Topgolf as an independent public company by late 2025.
The decision comes just over three years after the two companies merged, initially seen as a complementary fit.
Investments in Topgolf have expanded its scale and profitability, making it ready for independent operation.
Callaway will retain a stake of up to 19.9% in Topgolf and focus on its core golf equipment and lifestyle businesses.
The split aims to enhance strategic focus, optimize capital allocation, and simplify operating structures.