Blade Air Mobility To Acquire Trinity Air Medical For ~$23M

Blade Air Mobility Inc. BLDE has entered into a definitive agreement to acquire Trinity Air Medical, Inc., a multi-modal organ logistics and transportation company, for an upfront purchase price of ~$23 million.
Blade Air Mobility to pay potential additional contingent consideration based on Trinity's achievement of specific EBITDA growth targets over three years.
Trinity generated revenues of ~$16 million in 2020. Blade Air Mobility expects the acquisition to accelerate revenue growth in its MediMobility business.
Seth Bacon will become CEO, and Scott Wunsch will become COO of Blade MediMobility, and all Trinity employees will be incentivized and expected to remain with the company post-transaction.
Blade Air Mobility held cash and equivalents of $333 million as of June 30, 2021.
The company plans to close the transaction during the week of September 13, 2021.
Price Action: BLDE shares are trading higher by 15.47% at $10.15 on the last check Thursday.