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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.
$MODG Topgolf Callaway Brands Intends to Split Into Two Companies -Shares are +0.84% in AHs trading after initially jumping +12% -CEO Chip Brewer will remain with Calloway (symbol $ELY again??) while Artie Starrs will remain as CEO of TopGolf https://t.co/AeTtJSdQJ2 via @WSJ
🚨⛳️📄 #SPLITTING UP — Callaway Golf and Topgolf announce they’re splitting and will operate independently of one another. https://t.co/5HjJa7OK0K
The board of Topgolf Callaway Brands is splitting the company into two businesses, unwinding the combination of the golf-club maker and driving-range operator after less than four years https://t.co/gIQrzJx4IB https://t.co/gIQrzJx4IB
