WWE deal timing possibly accelerating, says Wells Fargo

Wells Fargo analyst Steven Cahall notes that WWE (WWE) made regulatory filings and announcements around its S-4 on June 23, including reporting U.K. and Saudi approvals for its transaction with Endeavor (EDR) to form a new, publicly listed company consisting of the UFC and WWE that will be traded under the ticker “TKO.” While the official deal close timing is likely to remain “second half,” the firm’s experience suggests the SEC could accept the S-4 as effective in August, which would then lead to a closing in mid-to-late September. The firm, which reminds investors that excess cash will be swept as a WWE dividend before close and thinks this could amount to $3-$4 per share, has an Equal Weight rating and $109 price target on WWE.