Simon buying Prime Outlets in $2.3B deal
Simon Property Group Inc. is doubling down on outlet malls with an agreement to buy Baltimore-based Prime Outlets, a
privately held firm that owns 22 of the giant properties.
Deals
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Miller Pipeline purchases Illinois-based contractor
Indianapolis-based Miller Pipeline Corp. announced Monday morning that it has purchased Illinois-based Elcon Pipeline Inc.,
marking the company’s fifth acquisition in the past four years.
Revived Marsh Supermarkets goes up for sale
Florida-based Sun Capital has completed the turnaround of Marsh Supermarkets and now is seeking a buyer
for the home-grown chain. CEO Frank Lazaran told IBJ Sun will sell Marsh “when the market is right, financing
is right, and
someone is willing to pay a fair multiple.”
Grain Dealers finalizes affiliation with Florida firm
Indianapolis-based Grain Dealers Mutual Insurance Co., one of the largest property-casualty insurers in the state, has closed
on a deal to became part of The Main Street America Group, the Jacksonville, Fla.-based company said Tuesday morning.
Express Scripts closes $4.7B deal to buy WellPoint pharmacy unit
St. Louis-based Express Scripts Inc. has completed its $4.7 billion acquisition of WellPoint Inc.’s pharmacy benefits
management business, the company said Tuesday.
Biglari was persistent in pressing Western Sizzlin deal
Steak n Shake CEO Sardar Biglari proposed buying Western Sizzlin in January and again in May and advocated the unusual structure
of the $39 million transaction.
Chemical-maker Benchmark Products merges with Ohio’s New Surface Technologies
Benchmark Products Inc., a local manufacturer of metal-finishing chemicals, will combine with a Bedford, Ohio, company and
keep its headquarters and production in Indianapolis. The combined company will be renamed Asterion LLC.
Greensburg manufacturer sold, jobs moving to Oklahoma
The Autoquip Corp. has completed its acquisition of American Lifts in Greensburg and will be moving nearly 50 jobs to company headquarters in Guthrie, Okla.
Anderson gas-station chain sues BP after 32-store deal sours
Ricker Oil’s Oct. 22 suit claims British petroleum giant BP is charging unjustified royalty fees while delivering no boost
from its national advertising, its proprietary IT system or its bulk purchase pricing.
First Financial gets sweet deal on Irwin Financial’s bank assets
It’s good to be among the favored few, those blessed by the Federal Deposit Insurance Corp. to scoop up the remnants
of failed banks. Because it was on the FDIC list of approved buyers, Cincinnati-based First Financial Bancorp
was able to acquire Columbus, Ind.-based Irwin Financial Corp.’s banking operations under terms
that would make any deal-maker proud.
Report: Ice Miller, Louisville firm end merger talks
Merger talks that began last year between local legal heavyweight Ice Miller LLP and a Louisville-based law firm reportedly
have broken down, putting an end to a deal that was expected to close by the end of the year.
Frontier creditors approve reorganization plan
Frontier Airlines Holdings Inc. said yesterday that creditors have approved its bankruptcy reorganization plan, including
its planned purchase by Republic Airways.
Local contractor Enterprise acquires Freije
Indianapolis-based Enterprise Electrical & Mechanical Co. has acquired The Freije Company, a 50-year-old local firm that
specializes in refrigeration-systems design, installation and service.
IT consultant Apparatus buying WFYI building
Locally based information technology consultant Apparatus has agreed to buy the former WFYI building at 1401 N. Meridian St. for a new headquarters.
Southwest bid for Frontier could be in trouble
Southwest Airlines Co.’s bid for Denver-based Frontier Airlines Holdings Inc. may have hit turbulence, according to the Dallas
Morning News.
CARUSO: Real estate buyers, sellers, must recalibrate expectations
Mergers and acquisitions have all but ground to a halt because of lack of credit, disparate expectations between buyers and
sellers, and hesitance on the part of buyers to deploy their capital.
Republic Airways closes purchase of Midwest
Republic Airways Holdings says it has completed its acquisition of privately held Midwest Airlines
for $31 million in cash and debt.
Dow Chemical seems poised to keep AgroSciences
Midland, Mich.-based Dow Chemical Co. is still considering divesting Indianapolis subsidiary Dow AgroSciences LLC. But
chances that the chemical manufacturing giant will sell its local agricultural chemical and biotech unit appear to have decreased.
Lilly software spinoff Maaguzi sells for $11 million
Investors in a company built around clinical research software bought from Eli Lilly and Co. have found their exit, though
it’s far from the lucrative payoff they’d once imagined.
Indianapolis benefits firms merge
Two Indianapolis benefits consulting firms have finalized their merger, the companies announced this morning. Terms of the
deal between Benefit Associates Inc. and Benefit Consultants Inc., in the works since March, were not disclosed.