Joby Aviation, which is developing electric aircraft, will acquire the passenger business of Blade, a New York helicopter operator, for $125 million.

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.

The deal would grant Joby access to Blade’s infrastructure, routes, and customers—a valuable acquisition as Joby works to obtain regulatory approval for its battery-powered ai