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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.
The company
MODG isn’t just selling 60% of its Topgolf stake. It will also change its name back to Callaway Golf Company when the sale is completed — like the acquisition of Topgolf never happened. The stock’s ticker symbol will change to “CALY.” The company changed its name to the current name of Topgolf Callaway Brands Corp. in September 2022, or 18 months after the merger closed in March 2021.