Callaway Golf Company And Topgolf Announce Merger

Callaway Golf Company (NYSE: ELY) and Topgolf Entertainment Group (Topgolf)

Merger to Create a Leading Golf and Active Lifestyle Company

DALLAS, March 8, 2021 /PRNewswire/ -- Callaway Golf Company ("Callaway") (NYSE: ELY) and Topgolf Entertainment Group ("Topgolf") today announced that they have entered into a definitive agreement to merge in an all-stock transaction. The combined company will be named Callaway Golf Company and its shares are expected to trade on the New York Stock Exchange under the ticker symbol "ELY." The transaction has been unanimously approved by the Boards of Directors of both Callaway and Topgolf and is expected to close in the second half of 2021, subject to customary closing conditions, including regulatory approvals. Under the terms of the merger agreement, Topgolf shareholders will receive 0.6573 shares of Callaway common stock for each share of Topgolf common stock they own. Upon completion of the transaction, Callaway shareholders will own approximately 72% of the combined company and Topgolf shareholders will own approximately 28%.