PetSmart deal further thins Arizona's corporate ranks

The proposed $8.7 billion purchase of PetSmart continues a lengthy pattern of successful companies based in Arizona getting gobbled up by out-of-state buyers.

In most cases, acquirers have kept an important local presence in Arizona, even though the state invariably winds up losing a corporate headquarters, often leaving the state with fewer high-paying jobs, less corporate involvement in the local community and diminished visibility in business circles.

Freeport-McMoRan's $25.9 billion purchase of Phelps Dodge was a notable exception, with the acquirer moving into Phelps Dodge's former downtown-Phoenix headquarters and staying active in Arizona.

On the flip side, Tempe-based US Airways acquired American Airlines in 2013 but moved the merged carriers' headquarters to American's hometown of Fort Worth, Texas.

Visit The Arizona Republic for the full list.