Latham & Watkins Advises Topgolf Callaway Brands on Sale of 60% Stake in Topgolf to Leonard Green & Partners

Latham & Watkins LLP represented Topgolf Callaway Brands Corp. in its transaction with private equity funds managed by Leonard Green & Partners, L.P. Topgolf Callaway Brands Corp. (NYSE: MODG) has signed a definitive agreement to sell a 60% stake in its Topgolf and Toptracer business to private equity funds managed by Leonard Green & Partners, L.P. The transaction values Topgolf at approximately US$1.1 billion. In connection with the sale and related financing transactions, Topgolf Callaway Brands expects to receive approximately US$770 million in net proceeds, subject to purchase price adjustments. The transaction is subject to certain regulatory approvals and customary closing conditions. Upon closing, the company plans to change its name to Callaway Golf Company and update its ticker symbol to CALY. Latham & Watkins LLP represented Topgolf Callaway Brands Corp. with a team composed by: San Diego partners Craig Garner and Kevin Reyes and Los Angeles partner David Zaheer, with associates Dylan Towns, Zach Kobayashi, and Shelby Harrison. Advice on tax matters was provided by Los Angeles partner Pardis Zomorodi and Houston partner Jared Grimley, with associate Dominick Constantino. Intellectual property matters were handled by Bay Area partner Michelle Gross, with associates Ryan Sanders, Julian Savelski, and Karen Sung, and assistance from Wes Dantzler. Employee benefits matters were handled by San Diego partner Holly Bauer and Los Angeles partner David Taub, with associate Joseph Benedetto. Finance matters were handled by Los Angeles partner Kenneth Askin, with associates Shane Alexander, Rychelle Andersen, and Kendall Ota. Antitrust matters were handled by Washington, D.C. partners Jason Cruise and Peter Todaro and Frankfurt partner Max Hauser, with associates Niklas Brüggemann and Christina Lantuh. Data privacy and cybersecurity matters were handled by San Diego/Bay Area counsel Jennifer Howes, with associate Ryleigh Chen. Real estate matters were handled by San Diego counsel Achraf Farraj. Environmental matters were handled by Orange County partner Chris Norton. Debt capital markets matters were handled by New York/Los Angeles partner Greg Rodgers and New York partner Andrew Blumenthal, with associate Andrew Bentz. Insurance matters were handled by San Diego partner Drew Gardiner.

Latham & Watkins Advises Topgolf Callaway Brands on Sale of 60% Stake in Topgolf to Leonard Green & Partners

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