(Reuters) -Joby Aviation will acquire helicopter rideshare company Blade Air Mobility's passenger business for up to $125 million, it said Monday, as it works to speed the deployment of electric air taxis for commercial passenger services.

Blade's Medical division is not part of the deal and will remain a separate public company rebranded as Strata Critical Medical but will partner with Joby on medical transportation.

The acquisition includes all of Blade's passenger business, including U.S. and European operations. Under the agreement, Joby will pay Blade up to $125 million, including $35 million tied to certain performance milestones and retention of certain key employees.