Globenewswire·2025-08-04 11:00Core Viewpoint - Blade Air Mobility, Inc. has announced the sale of its passenger division to Joby Aviation for up to $125 million, allowing Blade to focus on its medical logistics business, which will rebrand as Strata Critical Medical [1][9][10]. Company Overview - Blade Air Mobility provides air transportation and logistics, primarily for hospitals in the U.S., and is one of the largest transporters of human organs for transplant [12]. - Joby Aviation is developing an all-electric vertical take-off and landing air taxi service, intending to operate and sell its aircraft globally [14]. Transaction Details - The sale price for the passenger division is up to $125 million, which may be paid in cash or Joby stock, including up to $35 million in performance-based earnouts [10]. - The transaction is expected to close in the coming weeks, with a new ticker for Strata to be announced later [11]. Strategic Focus Post-Transaction - Following the divestiture, Strata will concentrate on its medical logistics and services, leveraging its asset-light platform to enhance its offerings and pursue growth through acquisitions [2][8]. - The medical division represented approximately 84% of Blade's Segment Adjusted EBITDA and 59% of its revenue in 2024, indicating a strong focus on this profitable segment [8]. Leadership Changes - Rob Wiesenthal, the current CEO of Blade, will join Joby as CEO of Blade Air Mobility and serve as Chairman of Strata [5]. - Will Heyburn and Melissa Tomkiel will become Co-CEOs of Strata while retaining their existing roles [6]. Partnership and Future Opportunities - A long-term partnership between Joby and Strata will provide access to Joby aircraft for medical use, enhancing Strata's service capabilities [4][9]. - The expected operational efficiencies from the divestiture are estimated at approximately $7 million annually, making the financial impact neutral in terms of Adjusted EBITDA and Free Cash Flow [5][9].