On Tuesday, Texas-based TopGolf Callaway Brands Corp. announced an agreement to sell a 60% stake in its TopGolf and Toptracer businesses to Leonard Green & Partners (LGP), a California-based private equity firm.

The maker of Callaway golf clubs has agreed to sell a majority stake in its Topgolf subsidiary to Leonard Green Partners at a $1.1bn valuation, a figure just half of what it paid for the upscale drivi...