Topgolf Callaway Brands Gains on Report of Talks to Sell Topgolf Unit

Dow Jones

Nov 15, 2025

By Kelly Cloonan

Shares of Topgolf Callaway Brands rose after The Wall Street Journal reported the company is in talks to sell its Topgolf unit to private-equity firm Leonard Green, citing people familiar with the matter.

Topgolf Callaway's stock rose 7.6%, to $11.39, on Friday. Shares are up 45% this year.

A deal could come together soon, though it is also possible the discussions won't result in a transaction, the people said, according to the Journal report.

The deal would value Topgolf, which operates recreational driving ranges, at about $1 billion, some of the people said, according to the report.

Leonard Green had already taken a small stake in Topgolf and had shared its feedback on the business with management, some of the people said, the Journal reported.

Topgolf Callaway said in September 2024 that it planned to split itself back into two separate companies. The Carlsbad, Calif., company's board said at the time that it would explore strategic options for Topgolf.

Write to Kelly Cloonan at kelly.cloonan@wsj.com

(END) Dow Jones Newswires

November 14, 2025 11:23 ET (16:23 GMT)

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