An undisclosed private equity firm acquired Topgolf for $1.1 billion, dissolving the 2020 Callaway-Topgolf merger and returning the golf entertainment venue operator to standalone status. The divestiture values Topgolf at approximately 2.2x trailing revenue, a discount to pre-pandemic entertainment multiples but above distressed asset pricing. Per Matchex data, golf venue operators have traded between 1.8x–2.5x revenue in recent transactions, positioning this deal within mid-range valuation bands despite macro headwinds.