NEW YORK] Joby Aviation said that it plans to buy the helicopter rideshare business of Blade Air Mobility for as much as US$125 million in stock or cash as the electric aviation firm seeks to expand its battery-powered air taxis into a ready-made market for its aircraft.

Joby is buying the Blade brand and the company's passenger business, which includes operations in the United States and Europe, for as much as $125 million.

Joby, which develops electric air taxis, will purchase the Blade brand and Blade’s passenger air-taxi business using stock or cash. Under the deal, Blade’s passenger business will operate as a wholly-owned subsidiary of Joby led by Blade CEO Rob Wiesenthal and continue operations as normal.