Topgolf acquired sports gaming company World Golf Tour, the "leading web and mobile golf game, with more than 14 million players worldwide across online, social and mobile platforms," according to Sean Lester of the DALLAS MORNING NEWS. The move "creates the world’s largest digital golf audience." Topgolf is "expected to use the acquisition to engage customers through in-venue experiences, app enhancements and additional digital content." Topgolf’s dartboard-like outfield "will be incorporated into the WGT game in new game additions" (DMN, 1/27). In Dallas, Korri Kezar reported WGT "is a free online game where users play golf games on virtual golf courses." The courses are "modeled on greens found around the world," such as Pebble Beach and St. Andrews. Terms of the transaction were not disclosed. Morgan Stanley acted as "financial adviser and Gibson Dunn & Crutcher LLP acted as legal adviser" to Topgolf (BIZJOURNALS, 1/27). GOLF DIGEST's Ashley Mayo wrote with added funding from Topgolf, the WGT community will "enjoy a richer stream of content and a larger array of golf courses from which to play" (GOLFDIGEST, 1/27). Topgolf CEO Ken May said the company about nine months ago approached its board "about the need to expand our digital format." He said Topgolf approached WGT "about six months ago and the deal went quickly." May: "They were excited about partnering with a company larger than themselves." He added Topgolf is still considering how it could benefit from the partnership. May: "Our vision is that you would be able to get tips on golf and how to improve your game. We're thinking about relevant digital content that deals with the golfer's lifestyle" (BIZJOURNALS, 1/28).
ON TOP OF THEIR GAME: In conjunction with the acquisition, Topgolf is adding two new divisions and reorganizing its corporate structure with a holding company to support the organization's rapid growth. Topgolf will operate as it does currently and will continue to be led by May. Topgolf will be one of three divisions held by parent company Topgolf Entertainment Group. TEG will be led by co-Chair & CEO Erik Anderson. TEG has formed Topgolf Media to deliver new entertainment options and content for Topgolf guests. The president of Topgolf Media will be WGT co-Founder & CEO YuChiang Cheng. TEG also is forming Topgolf Int'l, which will oversee development abroad so that Topgolf may begin expansion in other countries. Topgolf Int'l will be based in London and run by the company's former CFO/COO Neil Allen (Topgolf).
