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The company operates 52 U.S. golfing centers, three in Britain and one in Australia.
Sources says the company is looking for a valuation in the range of $1 billion.
Topgolf would like to expand to open more venues in the U.S., Britain, Mexico, Dubai and Canada.
Callaway Golf is among the company's investors holding a 14 percent stake.
Topgolf uses microchips in its balls to track distance and accuracy across a variety of golf games. It also offers food and drinks to its golfers.