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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.

A Split Between Tech Entertainment and Traditional Golf

Topgolf and Toptracer—known for immersive driving-range venues and high-precision ball-tracking technology—represent the company's innovative entertainment segment.

The remainder of the soon-to-be-renamed Callaway Golf Company will refocus on its legacy business: golf equipment and lifestyle brands, including Callaway, Odyssey, TravisMathew, and Ogio.

Board Unanimously Approves the Sale

The company’s board gave unanimous approval, and the transaction is on track to close in the first quarter of 2026, pending regulatory clearance and standard closing conditions.

Once finalized, the renamed Callaway Golf Company will continue trading on the New York Stock Exchange under the updated ticker CALY.

CEO Says Sale Followed “Robust” Strategic Review

Chip Brewer, president and CEO, said leadership had evaluated multiple options to separate Topgolf, including a potential spin-off.

“After a robust process and a thorough evaluation of a range of alternatives, we believe this sale is the best outcome for our shareholders, as well as our employees and stakeholders,” Brewer said, adding that the move strengthens the company’s commitment to its core equipment and active-lifestyle platforms.

Streamlining Efforts Already Underway

Earlier this year, the company advanced its restructuring strategy by agreeing to sell its Jack Wolfskin outdoor apparel brand to ANTA Sports for $290 million.

The Ropes & Gray team advising Leonard Green is led by partners Chau Le and Jay Freedman. Additional deal team details for the participating law firms were not immediately available.