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 announced it has entered into a definitive agreement with Blade Air Mobility to purchase Blade’s leading urban air mobility passenger business.

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.