Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Here's something you don't see every day. Helicopter medivac operator Air Methods (Nasdaq: AIRM) just announced it's spending $200 million on a merger -- and the stock jumped 16% on the news.

So what: Last night, Air Methods announced a plan to merge itself into privately held Omniflight Helicopters, purchasing the "subsidiary" (parent?) out of private equity ownership from Wind Point Partners.

Now what: How does a $200 million expenditure translate into $122 million in added market cap for Air Methods? Excellent question. No one seems to know much about Omniflight. Our go-to provider for financial information here at the Fool, Capital IQ, doesn't even venture a guess at Omniflight's annual revenues, much less its level of profitability.

As for Air Methods itself, it looks fairly priced on the surface -- 18 P/E, 18% projected growth rate for the next five years. In fact, though, this is one pricey helicopter ride. Air Methods generated just $15.5 million in free cash flow over the past 12 months -- less than a third of reported earnings. Plus, the company's going even deeper into debt to fund its purchase. Put it all together, and it's more than enough to give this Fool a fear of flying.

Think this ride is safer than it looks? Add Air Methods to your watchlist and find out.