Joby Aviation (JOBY) Jumps to New High on $125-Million Acquisition of Air Mobility Platform

We recently published 10 Stocks Surprise With Double-Digit Gains; 4 Hit Record Highs. Joby Aviation, Inc. (NYSE:JOBY) is one of the companies that stood stronger last week.

Joby Aviation saw its share prices surge to a new all-time high on Monday following announcements that it was set to acquire a leading urban air mobility platform for $125 million.

At intraday trading, the company rose by as much as 22 percent to $20.95, before paring gains to end the day just up by 18.82 percent at $20.39 apiece.

In a statement, Joby Aviation, Inc. (NYSE:JOBY) said it entered into a definitive agreement with Blade Air Mobility, Inc. for the acquisition of its urban air mobility passenger business. The acquisition will exclude Blade’s Medical division, but it will remain an important partner for medical transportation purposes.

According to Joby Aviation, Inc. (NYSE:JOBY), the acquisition would unlock immediate market access and infrastructure across New York City and Southern Europe, and complement its planned launch in Dubai next year.

Last year alone, Blade flew more than 50,000 passengers from a network of 12 terminals across the US.

“With access to the infrastructure they have secured and the loyal customer base they have developed, we will be in the best possible position to launch our quiet, electric aircraft as soon as certification is secured,” Joby Aviation, Inc. (NYSE:JOBY) founder and CEO JoeBen Bevirt said.

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