Topgolf Callaway Brands to Split into Two Companies; Shares Surge 10.5%

Sep 4, 2024, 08:32 PM

Topgolf Callaway Brands has announced plans to separate into two independent companies. The split will result in Callaway, a golf equipment and lifestyle products company with $2.5 billion in revenue, and Topgolf, a venue-based golf entertainment business with $1.8 billion in revenue. The separation, expected to be tax-free for shareholders, comes less than four years after the companies combined in March 2021. Shares of Topgolf Callaway surged 10.5% following the announcement and are up 0.84% in after-hours trading. Chip Brewer will remain CEO of Callaway, which will trade under the symbol $ELY, while Artie Starrs will continue as CEO of Topgolf.