Accessibility StatementSkip Navigation The venue is located at the New Braunfels Town Center at Creekside DALLAS, Nov. 20, 2025 /PRNewswire/ -- Modern golf entertainment leader Topgolf announced today that the opening of its newest, two-level venue in New Braunfels, Texas, is set to occur on Friday, Dec. 5. The venue marks Topgolf's 100th location in the U.S. and 112th globally. To celebrate, Topgolf is giving away one year of free game play to one lucky winner. All eligible Players who book and complete ...

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PresentationI would now like to turn the conference over to Katina Metzidakis. Please go ahead.Good day, and welcome to the Topgolf Callaway Brands Company Update. [Operator Instructions] Please note this event is being recorded.Katina MetzidakisVice President of Investor Relations & Corporate Communications Thank you, operator, and good afternoon, everyone. Welcome to Topgolf Callaway Brands conference call announcing our agreement to sell a majority stake in its Topgolf business to Leonard Green & Partner ...

Prada's scion Lorenzo Bertelli said the Italian luxury group could consider further acquisitions after completing its purchase of Versace and did not rule out a potential interest in Giorgio Armani, t... ...

**公司及交易概述** * 涉及的上市公司为Topgolf Callaway Brands (NYSE: MODG) [1] * 公司宣布已签署最终协议 将其Topgolf及Toptracer业务的60%多数股权出售给私募股权公司Leonard Green & Partners [4] * 该交易对Topgolf业务的估值约为11亿美元 [4] * 交易预计将为公司带来约7.7亿美元的净收益 [4] * 交易完成后 公司将保留Topgolf业务40%的股权 [4] * 交易预计将在2026年第一季度完成 需获得监管批准并满足惯例条件 [9] **交易核心观点与战略 rationale** * **优化股东价值与战略聚焦**：交易被认为是能为股东创造最佳结果的选择 使公司能更专注于高尔夫装备和积极生活方式领域的核心能力 [4][5] * **改善资本配置与简化结构**：交易将带来改善的资本配置和更简化的公司结构 [4] * **保留未来上行空间**：通过保留40%股权和战略营销协议（包括继续作为Topgolf独家高尔夫装备合作伙伴） 公司能参与Topgolf未来的增长 [4][5] * **选择出售而非分拆的原因**：与潜在的免税分拆相比 选择此方案是因为其提供了速度与确定性 显著的现金收益 以及参与未来增长的能力 [45] **Topgolf业务表现与成就** * **规模扩张**：自2021年合并以来 Topgolf场馆数量几乎翻倍 已成为真正的全国性品牌和场外高尔夫的明确领导者 [6] * **技术升级**：包括在所有场馆增加Toptracer技术 开发在线预订系统 创建新游戏 获得了玩家的强烈积极反响 [6] * **财务改善**：场馆级利润率提升了约400个基点 [6] * **现金流**：Topgolf在2023年已转为自由现金流为正 并持续至今 [7] **交易后公司（Remainco）状况** * **品牌组合与营收**：交易后剩余的品牌组合包括Callaway、Odyssey、TravisMathew和OGIO 在截至2025年第三季度的过去12个月中 这些品牌共同创造了超过20亿美元的收入 [8] * **资本结构**：与场馆相关的房地产融资将随Topgolf业务转移 定期债务将留在Remainco（即Callaway Golf Company）[12] * **财务状况**：交易完成后 Remainco预计将处于零或最低净负债状态 [12] * **现金归属**：Remainco的现金余额将保留在Remainco 不会有现金转移给Topgolf [36][37] **资本配置优先级** * **首要任务**：再投资于核心业务以确保行业领导地位 [17] * **次要平衡**：在偿还大量债务和向股东返还资本之间取得平衡 [17] * **具体分配**：将与董事会合作确定债务偿还和股东回报之间的具体分配比例 [17] **对Topgolf未来的展望** * **增长计划**：与Leonard Green合作 预计将加速Topgolf增长 包括有节制的场馆扩张和继续推动同店销售额改善的举措 [19] * **资本状况**：交易完成后 Topgolf将处于资本实力强劲 杠杆有限的状态 [12][33] **其他重要细节** * **交易确定性**：交易不依赖于融资 Leonard Green已获得必要的融资承诺 [9] * **协同效应**：公司承认业务分离后可简化Remainco运营并带来效益 但未量化协同效应金额 [24][25] * **Leonard Green的现有持股**：Leonard Green目前在Topgolf Callaway Brands的持股不是交易的一部分 其对这些股份的处理由其自行决定 [41]

After nearly five years of pain for investors, Callaway is selling off control of Topgolf to private equity — and at a significantly discounted valuation than when it was purchased. ...

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交易核心 - Topgolf Callaway Brands将出售其Topgolf部门60%的股权给私募股权公司Leonard Green [1] - 公司此举旨在将更多精力转向其高尔夫装备和服装业务 [1]

Topgolf Callaway Brands on Tuesday agreed to sell majority stake in its Topgolf unit to private equity firm Leonard Green, in a deal valuing the business at $1.1 billion. ...

交易概述 - Topgolf Callaway Brands Corp 签署最终协议，将其Topgolf和Toptracer业务的60%股权出售给Leonard Green & Partners管理的私募基金 [1] - 该交易对Topgolf业务的估值约为11亿美元 [1] - Topgolf Callaway Brands预计将获得约7.7亿美元的净收益 [1] 交易细节与战略意图 - 公司总裁兼首席执行官Chip Brewer表示，在评估了包括分拆在内的多种方案后，认为此次出售对股东、员工及其他利益相关者是最佳结果 [2] - 交易使公司获得大量收益，并保留在Topgolf未来增长中的可观上升空间 [2] - LGP被描述为在投资高增长消费公司方面有成功记录的领先私募股权公司，是Topgolf下一阶段发展的理想合作伙伴 [2] - 交易支持公司聚焦于领先的高尔夫装备与积极生活方式平台的战略 [2] - 交易完成后，持续经营的品牌组合将包括Callaway、Odyssey、TravisMathew和Ogio，这些业务在过去十二个月（截至2025年第三季度）产生了约20亿美元的收入 [2] 交易后资本配置与公司变更 - 交易完成后，持续经营业务将资本充足，使公司能够继续对业务进行再投资、偿还债务并通过股票回购或其他方式向股东返还大量资本 [2] - 公司计划在交易完成后更名为Callaway Golf Company，并将其股票代码更新为CALY，继续在纽约证券交易所交易 [3] 交易时间线与顾问信息 - 交易预计将于2026年第一季度完成，需满足某些监管批准和惯例成交条件 [2] - 公司的财务顾问为Goldman Sachs & Co. LLC和Centerview Partners，法律顾问为Latham & Watkins LLP [3] - LGP的财务顾问为Moelis & Company LLC，公司法律顾问为Ropes & Gray LLP，融资法律顾问为Sidley Austin LLP [4]