Callaway Golf has agreed to pay 2 billion yen (€16.4m-$18.5m) for the 48 percent stake it does not already own in its Japanese joint venture with TSI Groove & Sports Co. The price gives a valuation of nine times projected Ebitda for 2019 for the operation, which includes a subsidiary that designs, produces and sells the brand's apparel, footwear and headwear in Japan. The joint venture was formed in July 2016, but the relationship between Callaway and TSI dates back to 2002.

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