By Colin Kellaher
Topgolf Callaway Brands has struck a deal to sell its Jack Wolfskin outdoor apparel and equipment business to China's Anta Sports Products for $290 million.
Top Golf, a Carlsbad, Calif., golf-club maker and driving-range operator, on Thursday said the sale will bolster its balance sheet and liquidity and reinforce its financial flexibility ahead of the planned separation of its Topgolf business.
Top Golf said its February forecast of full-year revenue of $4 billion to $4.19 billion included roughly $360 million from Germany-based Jack Wolfskin, adding that it isn't updating its financial guidance at this time.
Anta said the addition of Jack Wolfskin complements its existing brand portfolio, extends its outdoor product offering from premium to mass market and is another step in its global expansion strategy.
The deal is slated to close late in the second quarter or early in the third quarter.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
04-10-25 0642ET
