(Reuters) -Golf-equipment maker Topgolf Callaway Brands agreed to sell majority stake in its Topgolf unit to private equity firm Leonard Green on Tuesday, in a deal valuing the business at $1.1 billion.
The firm had announced plans more than a year ago to split its two eponymous divisions to maximize its shareholder value.
Formed in 2021 through the merger of Callaway Golf and Topgolf, the firm will rebrand to Callaway Golf Company upon the closing of the sale in the first quarter of fiscal 2026.
The Carlsbad, California-based company expects $770 million in proceeds from the sale of its 60% stake in the unit.
Los Angeles-based Leonard Green manages $75 billion in assets, according to its website, and has a diverse portfolio spanning consumer, healthcare and business services sectors.
(Reporting by Prerna Bedi in Bengaluru; Editing by Krishna Chandra Eluri)
