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Callaway’s Topgolf Dream Turns Into a Costly $900 Million Miss

Callaway is selling 60% of Topgolf to Leonard Green & Partners at a $1.1 billion valuation, roughly 45% below its $2 billion purchase less than five years ago. While rival Acushnet’s stock has doubled, Callaway’s has slumped about 45%. The splashy plan to turn Topgolf’s social venues into a powerful funnel for Callaway clubs, apparel and data never delivered financially.