Topgolf Callaway Brands Completes Sale, Repays $1 Billion Debt, and Announces New Stock Repurchase Program.

Topgolf Callaway Brands has completed the sale of a 60% stake in its Topgolf business to Leonard Green & Partners for approximately $1.1 billion. The company received $800 million in cash proceeds and repaid $1 billion of outstanding debt. Topgolf Callaway Brands will change its name back to Callaway Golf Company and ticker symbol to CALY. The company's board has also authorized a $200 million stock repurchase program.