Joby Aviation, Inc. (JOBY) reached a new all-time high after announcing a $125 million acquisition of a leading urban air mobility platform. Share prices surged by 22% before closing up 18.82% at $20.39. The acquisition excludes Blade Air Mobility’s Medical division but will expand Joby’s market access in New York City and Southern Europe.

The deal with Blade Air Mobility will provide immediate market access and infrastructure in key locations, including New York City and Southern Europe, in addition to supporting Joby’s planned launch in Dubai next year. Blade Air Mobility, known for its urban air mobility passenger business, flew over 50,000 passengers from 12 terminals across the US last year. CEO JoeBen Bevirt is optimistic about the acquisition, stating it puts Joby in a prime position to launch their quiet, electric aircraft once certification is secured.

Read more at Yahoo Finance: Joby Aviation (JOBY) Jumps to New High on $125-Million Acquisition of Air Mobility Platform