Q1 2026 | Wyoming M&A Insights

The information reflects transactions as reported, including deal descriptions, values, and statuses, but may contain gaps, such as undisclosed deal terms or financial metrics, which limit comprehensive analysis. While efforts have been made to ensure accuracy, users should consult primary sources or professional advisors for legal, financial, or strategic decisions. No warranties are made regarding the completeness or reliability of this data, and the provider assumes no liability for its use.

Targets in Wyoming

Wyoming M&A Overview — Business Sale Activity for M&A Targets

In Q1 2026, Wyoming-based target companies recorded 9 M&A transactions representing approximately $0.47 million of aggregate disclosed transaction value. Only two transactions reported consideration, with MBE Studios' $0.425 million acquisition of Wyoming broadcast assets accounting for approximately 90% of the disclosed total; excluding that transaction, disclosed value was approximately $0.045 million. Buyer activity was predominantly interstate and cross-border, with acquirers from California, Florida, New York, and Canada alongside one Wyoming-based buyer. Financial services and insurance, energy and natural resources, and technology were prominent themes, complemented by media and consumer products activity. Despite relatively limited value disclosure, the quarter demonstrated Wyoming's ability to attract strategic and institutional buyers across a diverse set of industries.

The largest disclosed transaction was Wheatland-based MBE Studios' $0.425 million agreement to acquire an AM station, an FX station and an FM translator from Smith Broadcasting. The only other disclosed transaction was Vancouver-based Terra Clean Energy's $0.045 million acquisition of leases associated with the Juniper Ridge uranium project, adding prospective Wyoming acreage to its exploration portfolio. Several larger strategic transactions carried undisclosed consideration, including AtlasClear Holdings' agreement to acquire Pine Bluffs-based Commercial Bancorp and its Farmers State Bank subsidiary, giving AtlasClear a wholly owned regulated banking platform. Siris Capital also agreed to acquire a majority stake in Evansville-based Takkion, a renewable-energy services platform, with plans to expand its capabilities and pursue organic and inorganic growth.

The quarter reinforced the breadth of Wyoming's exit market, with transactions spanning established operating companies, regulated financial institutions, resource assets, technology platforms, and consumer brands. For business owners and sponsors evaluating the state, the activity illustrates continued interest from buyers outside Wyoming, although the low level of disclosed consideration limits conclusions about broader statewide valuation trends.

Wyoming — Strategic vs. Sponsor-led Activity

Wyoming — X / Y Plot By Sector

Wyoming — M&A Segmentation

Wyoming — Sector Breakdown

Second Level Primary Industry Breakdown

Wyoming M&A Deal Summaries — Business Sale Activity for M&A Targets

The following transactions represent M&A activity where the target entity is headquartered in described geography, in line with the traditional reporting on target M&A deal volume and metrics captured in the charts and conventional analysis above.

1. Western Alliance Agency (1/1/2026)
   ALKEME Intermediary Holdings, LLC of Ladera Ranch, CA, acquired Western Alliance Agency of Casper, WY, expanding ALKEME's insurance brokerage presence and commercial coverage capabilities across the Rocky Mountain region.

2. Web3 Rex, Inc. (1/14/2026)
   Vocodia Holdings Corp of Boca Raton, FL, agreed to acquire a 51% stake in Web3 Rex, Inc. of Casper, WY, adding proprietary data-privacy software and intellectual property to its technology platform.

3. One AM, One FX and One FM Translator (1/26/2026)
   MBE Studios, Inc. of Wheatland, WY, agreed to acquire Wyoming-based AM, FX and FM translator broadcast assets from Smith Broadcasting, Inc. for $0.425 million, expanding its radio broadcasting asset base.

4. Commercial Bancorp (2/10/2026)
   AtlasClear Holdings, Inc. of Tampa, FL, entered into a definitive agreement to acquire Commercial Bancorp of Pine Bluffs, WY, giving AtlasClear ownership of Farmers State Bank and adding a regulated banking platform to its financial-services infrastructure.

5. Lease of Juniper Ridge Project (2/17/2026)
   Terra Clean Energy Corp. of Vancouver, Canada, acquired leases at the Juniper Ridge Project in Wyoming for $0.045 million, expanding its uranium exploration portfolio with additional prospective acreage.

6. Beddow Capital Management Inc (3/2/2026)
   Fmc Group Holdings LP of New York, NY, acquired Beddow Capital Management Inc of Jackson, WY, adding an established investment-management business while retaining Edward Beddow as Senior Managing Director and Portfolio Manager.

7. Excuse Mix Inc. (3/4/2026)
   Chilco River Holdings, Inc. of Los Angeles, CA, acquired Wyoming-based Excuse Mix Inc., expanding its beverage portfolio into the growing ready-to-drink cocktail category.

8. Takkion Holdings LLC (3/9/2026)
   Siris Capital Group, LLC of West Palm Beach, FL, agreed to acquire a majority stake in Takkion Holdings LLC of Evansville, WY, backing further operational expansion and growth across renewable-energy services.

9. Additional Land (3/10/2026)
   Myriad Uranium Corp. of Vancouver, Canada, acquired additional land at the Copper Mountain Project in Wyoming, nearly doubling its land position from approximately 9,439 acres to 18,351 acres and expanding coverage of key uranium exploration targets.

M&A Segmentation — Glossary:

1. M&A – Whole: The acquisition of 100% ownership of a target company, giving the buyer full control.

2. M&A – Asset: The purchase of specific assets, such as mineral rights or property, without acquiring the entire company.

3. M&A – Minority: The acquisition of a non-controlling stake, typically under 50%.

4. M&A – Spinoff or Splitoff: The divestiture of a business unit into a separate entity or distribution of subsidiary shares to shareholders.

Deal Terms — Glossary:

1. Transaction Value: Represents the total consideration paid for a transaction, including net debt only if assumed, capturing the full financial scope of the deal.

2. Deal Value: Focuses solely on the consideration paid for the equity acquired, excluding net debt, to reflect the cost of ownership.

3. Implied Enterprise Value: Provides a standardized measure of the target’s total entity value, incorporating 100% of the enterprise including net debt, for consistent comparison with metrics like LTM EBITDA and Revenue.

4. Implied Equity Value: Isolates the equity portion, representing 100% of the target’s equity value, enabling a clear equity-to-equity comparison across transactions.

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