After rumors earlier today that ELY was negotiating to acquire Topgolf, it appears the transaction will be a merger of nearly equals, with an all-stock deal that will give Callaway shareholders 51.5% of the combined entity and Topgolf’s the remaining 48.5%. That puts a valuation of $1.986 billion on the golf entertainment venue operator, including the 14% that ELY already owns. ELY will issue about 90 million shares of its common stock to the other shareholders of Topgolf, with a closing planned for early 2021. It first invested in Topgolf back in 2006, and has seen the paper value of ... Log in to view full article.