Topgolf Callaway Sells Stake in Driving-Range Unit to Leonard Green

Topgolf Callaway Brands MODG -5.42%decrease; red down pointing triangle said it will sell a 60% stake in its Topgolf unit to private-equity firm Leonard Green as it turns more focus to its equipment and apparel business.

The deal, which confirms an earlier report from The Wall Street Journal, values Topgolf at approximately $1.1 billion, Topgolf Callaway said Tuesday. The company added that it expects to receive about $770 million in net proceeds from the sale.