Joby Aviation is buying Blade Air Mobility's urban air taxi business for up to $125 million, giving it a base of loyal passengers as it begins to gradually replace conventional helicopters with quieter electric air taxis.

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 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.