Callaway to Buy the Rest of Driving-Range Chain Topgolf (2)

Callaway Golf Co. plans to buy the remainder of driving-range chain Topgolf Entertainment Group, providing the golf-club giant with a new source of growth.

The deal values closely held Topgolf at about $2 billion, the companies said in a statement after Tuesday’s market close. Callaway, the maker of Big Bertha drivers and other equipment, already owns 14% of Topgolf. The Wall Street Journal reported earlier Tuesday that the acquisition was in the works.

Topgolf driving ranges -- which feature food, drinks and electronic games -- are seen as a way to bring younger players to golf, which has suffered ...