Blade Sells Passenger Division to Joby Aviation for Up to $125M

August 4, 2025

DENVER, Colo., Aug 04, 2025 (247marketnews.com)- Blade Air Mobility (NASDAQ:BLDE) entered into a definitive agreement to sell its passenger business to Joby Aviation (NYSE:JOBY) for up to $125 million, transitioning Blade into a pure-play medical logistics and services company.

Following the transaction’s close, Blade’s medical division will remain public and operate under a new name, Strata Critical Medical, with a focused strategy on expanding its contractual medical services and time-critical logistics offerings nationwide.

A Strategic Shift to Medical-Only Platform

Strata will continue to leverage its asset-light model and expand organically and through acquisitions. Trinity Medical Solutions, one of the largest air transporters of human organs for transplant in the United States and Blade’s core medical business, will remain a wholly owned subsidiary of Strata.

The divestiture includes Blade’s passenger operations in the U.S. and Europe, lounge and terminal infrastructure, and the Blade brand itself. These assets will operate as a standalone entity within Joby Aviation upon transaction close.

Long-Term Partnership with Joby for eVTOL Access

As part of the agreement, Strata has secured long-term access to Joby’s eVTOL aircraft for future medical use. Joby’s quiet, next-generation aircraft, which are expected to operate at lower costs than traditional helicopters, are positioned to deliver meaningful value and operational advantages to Strata’s medical customers.

Rob Wiesenthal, Blade’s Founder and CEO, said, “Over the past eight years, our Company has successfully leveraged its logistics expertise to build one of the largest air transporters of human organs in the U.S. This transaction enables the Company to become laser focused on broadening our offerings across the medical logistics and solutions value chain with a singular strategy and significant deployable capital for acquisitions and organic expansion.”

Leadership to Guide Strata into Next Phase

At closing, Wiesenthal will join Joby as CEO of Blade Air Mobility and will also serve as Chairman of the Board of Strata.

Blade CFO Will Heyburn and President and General Counsel Melissa Tomkiel will become Co-CEOs of Strata, while continuing in their respective CFO and General Counsel roles. Eric Affeldt, Blade’s current Chairman, will assume the role of Lead Independent Director.

Tomkiel commented, “Strata’s end-to-end, time critical air logistics platform is second to none and is trusted by more organ transplant hospitals than any other provider.”

Heyburn added, “This divestiture allows us to focus entirely on Medical, our fastest growing and most profitable business line, which represented approximately 84% and 59% of 2024 Segment Adjusted EBITDA and Revenue, respectively.”

Transaction Terms and Financial Impact

The transaction is expected to be Adjusted EBITDA and Free Cash Flow neutral, supported by approximately $7 million in estimated annual corporate cost savings. The total purchase price of up to $125 million may be paid by Joby in either cash or stock, subject to customary indemnification and includes up to $35 million in earnouts tied to performance and retention metrics.

The transaction is expected to close in the coming weeks. A new ticker symbol for Strata will be announced post-closing.

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