In a regulatory filing, Callaway Golf Company said that it had invested an additional $20.0 million into Topgolf International, Inc., doing business as Topgolf Entertainment Group.

The private placement was led by Fidelity Management and Research Company and completed on December 26.

Callaway had already owned a minority interest in Topgolf, consisting of common stock and various classes of preferred stock. This additional investment increased the company’s investment in Topgolf to $70.5 million on a cost basis. After the Fidelity Investment, the company estimates that it currently owns approximately 14 percent of Topgolf.

Following the completion of the Fidelity Investment, the company estimates that the fair value of its Topgolf shares is currently approximately $290 million. The fair value estimate is based solely upon the valuations and pricing in connection with the Fidelity Investment, and assumes that all Topgolf common shares and all series of preferred shares would be valued equivalently.