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FEMA / Wikimedia Commons

The medical helicopter company Air Methods has caved in to an activist investor, agreeing Tuesday to be acquired by the private-equity firm American Securities.

The numbers: American Securities is paying $43 per share for Air Methods, which has nearly 500 helicopters and airplanes mostly used to transport sick and injured people to hospitals. Including debt, the buyout is worth $2.5 billion.

Why this matters: This deal has been in the making for several months and shows how Voce Capital Management, an activist hedge fund, strong-armed Air Methods to get pretty much everything it wanted.

The tension started in 2015 when Voce's founder, J. Daniel Plants, wrote a public letter that ripped into the management of Air Methods and demanded the company be taken private. He called Air Methods a "crummy stock" and said it was an "irresistible target for such demagoguery," citing a New York Times story that detailed the high prices of medical helicopter rides and how patients are on the hook for large bills when health insurance doesn't cover them.

Air Methods' big price hikes "engendered additional economic and political risks," Plants wrote, and he wanted the company to go private to shield its publicly available financial documents from health insurers and patients.

Worth noting: Air Methods had $1.2 billion of revenue in 2016, and it's still quite profitable. However, more of its helicopter patients have been on Medicare or Medicaid, which don't pay as much as private health insurance. Air Methods and the broader air ambulance industry have lobbied for big payment increases to Medicare reimbursement, but bills in Congress have gone nowhere.

Go deeper

Hope King, author of Closer
Updated 48 mins ago - Economy & Business

Peloton pumps its brakes

Data: FactSet; Chart: Axios Visuals

Peloton’s popularity is falling as swiftly as it shot up.

Why it matters: Not all pandemic habits stick around. Peloton's trajectory over the past two years exemplifies how challenging it's been for companies to gauge shifts in consumer demand — particularly in sectors heavily altered by the pandemic.

Mitch McConnell's remarks on Black voters raise ire

Senate Minority Leader Mitch McConnell during a Capitol Hill news conference earlier this year. Photo: Anna Moneymaker/Getty Images

Senate Minority Leader Mitch McConnell (R-Ky.) has been widely criticized for comments he made this week about Black American voters.

Driving the news: When asked by a reporter Wednesday about concerns among voters of color, McConnell said "the concern is misplaced, because if you look at the statistics, Black American voters are voting in just as high a percentage as Americans."

Updated 2 hours ago - Politics & Policy

Scoop: Trump’s friends worry legal pick for N.Y. case lacks experience

Photo illustration: Sarah Grillo/Axios. Photo: Brandon Bell/Getty Images

Close associates and advisers to Donald Trump tell Axios they're concerned by his decision to use a relatively inexperienced New Jersey attorney, Alina Habba, in his high-stakes legal fight against New York Attorney General Letitia James.

Why it matters: A former president typically has access to the country's most prestigious experts, including lawyers. Trump has turned to the former general counsel for a parking garage company, who works from a small law office near his Bedminster, N.J., country club.