Joby Buys Helicopter Ride-Share Business for $125 Million
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Joby Aviation Inc said it plans to buy the helicopter ride-share business of Blade Air Mobility Inc. for as much as $125 million in stock or cash as the electric aviation pioneer seeks to expand its battery-powered air taxis into a ready-made market for its aircraft.
The acquisition encompasses all of Blade’s passenger business, including operations in the U.S. and Europe, as well as the Blade brand, Joby said in a statement, confirming an earlier report by Bloomberg. Blade’s medical division will remain a public company and rebrand, while partnering with Joby on medical transportation.
JJoby shares advanced as much as 18% on Aug. 4 to a record in New York. Blade surged 31%, raising its market value to nearly $400 million. The transaction is expected to close in coming weeks, Joby said.
Blade sells per-seat helicopter trips from New York City to nearby airports and resort towns. The company, which went public through a merger with a special purpose acquisition company in 2021, hasn’t reported an annual a profit since it listed. The company’s shares have fallen 10% this year, giving it a market value of $309 million.
🚨We’ve been working on something big: today, we announced a definitive agreement to acquire 's urban air mobility passenger business. Our team is about to get stronger. 🚁+ ✈️ = 💪
More details in the thread. (1/4) — Joby Aviation (@jobyaviation)
Backed by Toyota Motor Corp., Joby expects to have five aircraft in one of the final phases of certification next year as it aims to start commercial flights in early 2026. The $13.6 billion company announced plans last month to double production capacity at its plant in Marina, Calif., to manufacture up to 24 aircraft a year.
According to Joby, Blade flew more than 50,000 passengers in 2024 from a network of 12 urban terminals. Joby, which plans to carry its first passengers in Dubai next year, said the purchase will allow it to speed its commercial efforts by using Blade’s existing infrastructure and customer base.
Written by Siddharth Philip and Ed Ludlow
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