Callaway Golf, Topgolf merger approved by shareholders

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The previous announced merger between Callaway Golf and Topgolf has been approved by shareholders of both companies.

The agreement included 90 million shares of Callaway common stock that were issued to Topgolf shareholders and creates what officials are calling a "tech-enabled golf company delivering leading golf equipment, apparel and entertainment."

"Callaway and Topgolf are just better together," said Chip Brewer, Callaway Golf's president and CEO. "This transformational merger has already created and will continue to create meaningful shareholder value. We are very excited to begin this next chapter and I cannot wait to see what we can accomplish together."

In October when the merger was first announced, Brewer told GolfChannel.com that the combined companies will give Callaway a "competitive advantage" to reach players through the popularity of Topgolf.