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FTC clears the way for Callaway Golf/Topgolf merger

Callaway Golf appears to be a step closer to closing on its agreement to acquire all of Topgolf. The FTC has granted antitrust clearance for Callaway Golf’s acquisition of the remaining part of Topgolf International that it doesn’t own.

Callaway Golf and Topgolf this past October agreed to merge in an all-stock transaction worth approximately $2 billion. At the time of the agreement, Callaway owned 14 percent of Topgolf.

Wall Street initially seemed skeptical of the deal, specifically Callaway’s offer of $19.40 per share, which dropped ELY’s stock price into the $15 range. The stock, however, has rebounded the past couple of weeks and was trading today as high as $19.81 per share, up more than one percent from its opening price.

 

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