Callaway has sold 60 percent of Topgolf to Los Angeles private-equity firm Leonard Green & Partners in a deal that values the business at approximately $1.1 billion.

It brings an end to a promising combination of the Callaway golf brand and the Topgolf entertainment business that never lived up to expectations. Callaway began investing in Topgolf in 2006 and the two entities eventually announced a full merger in 2020.

Taking place during the growth of casual golf fans in the midst of the COVID-19 pandemic, the merger put a $2 billion valuation on Topgolf. The stock hit an all-time high of $37.29 per share in 2021 but ultimately dropped more than 70%.

Callaway CEO and president Chip Brewer announced last year the intention to split the entity back into separate companies. Instead, Tuesda

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