RTTNews | Sep 9, 2021 10:05AM EDT

10:04 Thursday, September 9, 2021 (RTTNews.com) - Shares of air mobility platform Blade Air Mobility, Inc. (BLDE) are rising more than 12% Thursday morning on the news of its decision to acquire Trinity Air Medical, Inc., an organ logistics and transportation company.

As per the deal, Air Mobility will buy 100% stock of Trinity for $23 million. There is potential for contingent consideration on Trinity achieving certain EBITDA growth targets over a three-year period.

The company expects revenue to grow in Blade's MediMobility business with this acquisition.

"Blade's scale in air transport missions coupled with their aerospace manufacturer relationships position us to continue expanding share in today's growing market, while laying the groundwork to deploy forthcoming drone and Electric Vertical Aircraft technology, which will reduce transit times and improve patient outcomes," said Seth Bacon, CEO of Trinity.

The transaction is expected to close during the week of September 13, 2021.

BLDE, currently at $9.91 has traded in the range of $6.41- $19.88 in the past 52 weeks.

Read the original article on RTTNews ( https://www.rttnews.com/3224537/blade-air-mobility-adds-12-on-its-decision-to-acquire-trinity-air-medical.aspx)

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com All Rights Reserved