Three major law firms are steering a sweeping deal announced Tuesday as Leonard Green & Partners LP moves to acquire a majority stake in the entertainment and driving-range arm of Topgolf Callaway Brands Corp., valuing the business at $1.1 billion. The move marks one of the most consequential shake-ups in the golf entertainment world in years.
Legal Heavyweights Navigate the Transaction
Latham & Watkins LLP is guiding Topgolf Callaway Brands, which plans to revert to its former name, Callaway Golf Company, and adopt a new ticker symbol once the transaction closes.
Meanwhile, Ropes & Gray LLP serves as corporate counsel to Leonard Green, and Sidley Austin LLP is overseeing the financing components of the deal—an alliance of firms shaping what could be a turning point in the evolution of modern golf entertainment.
Leonard Green Acquires 60% Stake in Topgolf, Toptracer
Under the agreement, Topgolf Callaway Brands will sell 60% of its Topgolf and Toptracer businesses to the Los Angeles–based private equity giant, which manages nearly $75 billion in assets. The sale values the tech-driven entertainment divisions at roughly $1.1 billion, with Topgolf Callaway expecting to net about $770 million from the sale and related financing arrangements.
