Shares of Golf Equipment, Sports Retailers Rise on PGA Tour, LIV Golf Merger Deal

By Sabela Ojea

Shares of Topgolf Callaway Brands, Dick's Sporting Goods, Acushnet Holdings and Vista Outdoor rose Tuesday after PGA Tour and LIV Golf agreed to a merger.

At 11:33 a.m. ET, shares of sports equipment manufacturer Topgolf Callaway Brands were up 5.7% at $19.34, with shares of sporting goods retailer Dick's Sporting Goods rising 4.8% to $133.60. Golf equipment group Acushnet Holdings saw shares rose 4.6% to $48.76, while Vista Outdoor's stock increased 3.4% at $27.33.

Earlier Tuesday, PGA Tour and LIV Golf, the Saudi-backed upstart, said their agreement combines the golf-related business from Saudi Arabia's sovereign wealth fund with the commercial and business rights of the PGA Tour and a third entity, the DP World Tour, into a new, collectively owned for-profit entity.

The deal also ends litigation between the parties, which have been at odds in court and in the court of public opinion since LIV's launch.

Write to Sabela Ojea at [email protected]; @sabelaojeaguix

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