Callaway Golf Company has agreed to acquire the remaining 86% of Topgolf shares that don't already own in exchange for approximately 90 million shares of Callaway Golf Company. Upon deal close, Callaway shareholders will own approximately 51.5% of the shares of the combined company, while Topgolf shareholders will own 48.5%. As such, representatives from each group, 3 in total, will join the Callaway Board of Directors: John Lundgren, current Chairman of Callaway's Board of Directors will remain as Chairman of the combined company. Erik Anderson, Topgolf's Executive Chairman will join the Board and will serve as Vice Chairman.