Topgolf Callaway Brands Corp. (NYSE: MODG) continues its global expansion by entering into a multiyear agreement with Golf Saudi Entertainment, LLC to bring Topgolf Callaway Brands’ family of brands, including Topgolf, Callaway, TravisMathew, Odyssey and Ogio, to Saudi Arabia.
As part of the agreement, Golf Saudi plans to build three Topgolf venues by 2028, to be owned and operated by Golf Saudi, with the option to open another two venues in the future. In addition, Callaway Golf, Odyssey, TravisMathew and Ogio will become the official equipment and apparel brands for the Saudi Men’s, Women’s and Junior National golf teams, as well as for Saudi Elite golf professionals and golf pros working at Golf Saudi facilities. Finally, Golf Saudi will be the exclusive distributor of Callaway Golf, Odyssey and Ogio products in Saudi Arabia.
“We’re excited to enter another market in the Middle East with three venues in Saudi Arabia,” said Managing Director and President, EMEA for Callaway Golf and former Topgolf Chief Franchise Officer Ben Sharpe said,. “We have found a strong partner in Golf Saudi to help us bring our modern golf brands – Topgolf, Toptracer, Callaway Golf, Odyssey, Ogio and TravisMathew – to the region and help transform Saudi Arabia into an exceptional golfing nation.”
The deal comes just following Topgolf Callaway Brands’ announcement that planned to split the companies, probably within the next nine to 12th months. MODG stock reached a 52-week low of $9.05 this past Sept. 12, but has rebounded slightly. The company’s stock has been trading as high as $10.90 today after opening at $10.88.