Golf-club giant Callaway Golf Co. announced Oct. 27 that it’s acquiring the remainder of driving-range/restaurant chain Topgolf Entertainment Group. Callaway had owned 14% of Dallas-based Topgolf since 2006.
The deal, which values Topgolf at about $2 billion, is expected the deal to close early next year. Callaway and Topgolf estimate that the combined company will grow to approximately $3.2 billion by 2022.
The first Topgolf venue opened in Watford, U.K. in 2000. The first U.S. location opened in Alexandria, VA, in 2005. The company has expanded to 63 locations worldwide, 58 of which are in the U.S.