Joby Aviation Inc. said it plans to buy the helicopter rideshare business of Blade Air Mobility Inc. for as much as $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 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.

Joby Aviation agreed to acquire Blade Air Mobility’s passenger division for up to $125 million. Blade, a New York-based air-transportation and logistics company, on Monday said its medical division will remain public and rebrand as Strata Critical Medical following the close.