The big deals: Indiana's largest mergers and acquisitions of 2004.

• Author: Kaelble, Steve
• Position: Mergers & Acquisitions

WHEN IT COMES TO mergers and acquisitions, you win some and you lose some. So how did Indiana's wins and losses add up in 2004?

All in all, it could have been worse. True, among the top 25 deals identified by FactSet Mergerstat, there were more Indiana companies among the sellers than the buyers. On the other hand, Hoosier firms were well represented on the buying side of those deals nearest to the top of the list.

The biggest of the deals announced and/or closed in 2004 involved the planned sale of Indianapolis-based medical-device maker Guidant to Johnson & Johnson. But just below that headquarters loss were five wins, including one just around Monument Circle from Guidant. The No. 2 deal was the completion of Anthem's acquisition of WellPoint Health Networks, a major corporate boost for Indianapolis.

Other noteworthy gains included Simon Property Group's addition of a major name in outlet malls, Chelsea Property Group. Eli Lilly & Co. added protein and gene specialist Applied Molecular Evolution, Batesville-based Hillenbrand Industries complemented its Hill-Rom medical-equipment subsidiary by acquiring medical-equipment renter Mediq, and Warsaw-based Biomet took control of the remainder of its previous joint venture with Merck.

Still, it's hard not to be a little bit troubled, says public-company watcher Mark Patton, president of Patton Fund Management in Indianapolis. "It's disappointing for Indiana to lose corporate headquarters," he says. "We've lost a lot of companies."

In addition to Guidant...