JOBY moves to acquire Blade's passenger business for up to $125 million, aiming to scale urban air mobility and cut costs.

Joby Aviation will acquire helicopter ride-share company Blade Air Mobility's passenger business for up to $125 million, Joby said Monday, as it works to speed the deployment of electric air taxis for commercial passenger services.

Electric taxi maker Joby Aviation (NYSE:JOBY) confirmed intentions to acquire Blade Air Mobility's (NASDAQ:BLDE) passenger business for up to $125 million, payable in Joby stock or cash. This acquisition includes Blade's US and European passenger operations,