Caption. Photo: Gordon Chibroski/Portland Press Herald via Getty Images

Two private equity firms — Veritas Capital and Evergreen Coast Capital, a subsidiary of Elliott Management — are acquiring Athenahealth in a $5.7 billion all-cash deal that values the company far below initial offers.

The bottom line: So ends the long, drawn-out process of what would happen to the large but struggling electronic health records and billing firm. Athenahealth co-founder Jonathan Bush, who stepped down in June over allegations of sexual assault and misconduct, stands to cash out $142 million in the buyout.

Details: Athenahealth will soon be combined with other health technology companies in the private equity firms' portfolios, including GE's old health care assets as well as the new payments and data mining companies that Veritas bought earlier this year.

  • Shareholders still need to approve the deal.
  • Athenahealth is on pace for almost $1.3 billion of revenue this year, with a 9% net profit margin.

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IG report: Saudi arms sales were legal but didn't weigh civilian casualties

Secretary of State Mike Pompeo. Photo: Gabriel Kuchta/Getty Images

Secretary of State Mike Pompeo acted legally when he bypassed Congress to approve $8 billion in arms sales to Saudi Arabia, but failed to "fully assess risks and implement mitigation measures to reduce civilian casualties" that resulted from the deal, according to a report by the State Department inspector general.

Why it matters: The 2019 sale drew bipartisan ire among lawmakers, who worried it could lead to a pattern of the administration using "emergency declarations" to circumvent Congress to approve weapons deals. The report comes two months after former Inspector General Steve Linick testified that he was pressured by a top Pompeo aide to drop the investigation.

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Florida reports another daily record for coronavirus deaths

Nurse practitioner Barbara Corral and a research assistant conduct a COVID-19 vaccination study on August 7 in Hollywood, Florida. Photo: Joe Raedle/Getty Images

Florida's health department on Tuesday reported 276 new coronavirus deaths, surpassing the state's record from July 31.

The big picture: The state also recorded over 5,800 new cases — on the low side for a state that is one of the domestic epicenters for the virus.

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Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Global: Total confirmed cases as of 12:30 p.m. ET: 20,130,206 — Total deaths: 737,394 — Total recoveries: 12,382,856Map.
  2. U.S.: Total confirmed cases as of 12:30 p.m. ET: 5,100,636 — Total deaths: 163,681 — Total recoveries: 1,670,755 — Total tests: 62,513,174Map.
  3. States: Florida reports another daily record for deaths State testing plans fall short of demand.
  4. Axios-Ipsos poll: 1 in 2 has a personal connection to COVID-19.
  5. Business: Moderna reveals it may not hold patent rights for vaccine.
  6. World: New Zealand reports first local cases for 102 days — Why you should be skeptical of Russia's vaccine claims.