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AI brief of an SEC Form 8-K · Callaway Golf (CALY)

Topgolf Callaway Brands completes sale of 60% Topgolf stake to Leonard Green

Positive Impact 4 of 5 m&a Written later

Effective January 1, 2026, Topgolf Callaway Brands completed the sale of a 60% stake in its Topgolf and Toptracer businesses to affiliates of Leonard Green & Partners for about $800 million in net proceeds. The company used $1 billion of the proceeds to repay term loan B borrowings, authorized a $200 million stock repurchase program, and retains a 40% stake in Topgolf. For shareholders, the deal lowers the company's debt and adds a buyback, but the company gives up majority ownership of Topgolf.

Key points

  • Purchase price for the Topgolf equity interests was $660 million; net proceeds including related financing were about $800 million, subject to later adjustments
  • Company repaid $1 billion of term loan B borrowings; about $480 million of debt remained immediately after, with about $680 million of unrestricted cash
  • Board authorized repurchases of up to $200 million of common stock, with no required number of shares
  • Corporate name to change back to Callaway Golf Company on or about January 15, 2026; NYSE ticker to change from MODG to CALY on or about January 16, 2026

The filing

CompanyCallaway Golf (CALY)
Form8-K, current report
Filed with the SECJan 7, 2026, 4:39 PM ET
Accession number0000837465-26-000003

Items reported: 1.01 Material Definitive Agreement2.01 Acquisition or Disposition Completed7.01 Regulation FD Disclosure

Read the filing on SEC.gov ↗

Written by AI on Nov 8, 2026, 1:49 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on January 07, 2026.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.