Callaway and Topgolf Creating an Unrivaled Golf and Entertainment Leader

CARLSBAD, CA and DALLAS, TX — October 27, 2020 — Callaway (NYSE: ELY), a global leader in premium golf equipment and active lifestyle goods, and Topgolf Entertainment Group (“Topgolf”), a global golf entertainment leader, have entered into a definitive merger agreement. Under the terms of the agreement, Callaway and Topgolf will combine in an all-stock transaction creating a global golf and entertainment leader. The number of shares to be issued is based upon an implied equity value of Topgolf of approximately $2 billion, including the 14% already owned by Callaway.

Together, Callaway and Topgolf would create an unrivaled golf and entertainment business. The combined company will be united by a shared passion for delivering exceptional golf experiences for all – from elite touring professionals to new and aspiring entrants to the game. Led by a portfolio of well-positioned brands and broad consumer reach, we believe the combination of Callaway and Topgolf will develop exciting new products and experiences, create compelling value for shareholders, and ultimately accelerate innovation in the game of golf.