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Topgolf is playing its next stage of international expansion.
What Happened
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On Tuesday, the Texas-based company said it entered a franchise agreement with Sports Entertainment Asia, H.K. Limited (SEAL) with plans to open venues in Greater China and the Philippines.
"This franchise partnership marks a pivotal step in the Topgolf growth story. We take a bold and purposeful approach to connecting communities around the globe, and one of the ways we are doing this is through strategic partnerships to expand our presence in international markets," said Topgolf Chief Executive Officer Dolf Berle.
"The SEAL management team has extensive experience developing iconic hospitality brands as well as food and beverage brands in this region, and we are thrilled to see this partnership come to fruition."
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The agreement means that each Topgolf venue will be owned and operated by SEAL and the company says it is looking for premier destinations to highlight Topgolf to the asian market.
"We view Topgolf as an ideal entertainment destination across Greater China with a broad appeal for families, youth, companies and people of all ages wanting to connect and have fun together," said SEAL Chairman Tony Hwang. "We are incredibly excited to be partnering with Topgolf and expanding its global sports and entertainment community to our markets."
Topgolf operates 57 venues, but 53 of the locations are in the United States, with three in the United Kingdom and one in Australia.
The move is a major step in the global expansion of Topgolf and the game of golf as a whole. Topgolf also signed a similar partnership to open locations in Central Europe. Callaway Golf Co (NYSE:ELY) owns an approximate 15% stake in Topgolf.
Topgolf also says it has plans to open venues in Mexico, Dubai and Canada.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.