Callaway Golf Co climbed to 8% after the Wall Street Journal announced it was nearing a deal to buy the rest of the Topgolf Entertainment Group driving range, offering the giant of golf clubs a new source of growth
The deal would value tightly held Topgolf at over $ 2 billion and could be closed this week, the newspaper reported, citing unidentified people familiar with the case Callaway, the maker of Big Bertha drivers and other equipment, already owns 14% of Topgolf
Topgolf driving ranges – which offer food, drink and games for children – are seen as a way to bring young players to golf, which has suffered from aging populations and the closure of hundreds of courses in recent years They have also resisted during the pandemic as golfers can practice their golf swing while remaining socially distant
Callaway shares climbed to $ 21.50 following the Journal report, marking the biggest intraday gain since June 29 The stock had fallen 61% this year until Monday’s close
Callaway Golf Company, Topgolf, NYSE: ELY
News from around the world – US – Callaway climbs after announcing it will buy the rest of Topgolf
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SOURCE: https://www.w24news.com
