Air taxi firm Joby acquires defense tech company for $500 million

Aug 11 : Joby Aviation said on Tuesday it would buy defense technology company Resonant Sciences for about $500 million, as it looks to scale its business in a growing defense market.Electric vertical take-off and landing aircraft (eVTOL) companies are focusing more on the military market amid ramped-up defense spending driven by wars in Ukraine and the Middle East.Here are some more details:• Shares of Santa Cruz, California-based Joby fell 6.5 per cent in premarket trading. • Joby expects to fund the deal with about $450 million in cash and $50 million in its common stock.• Ohio-based Resonant designs, manufactures and delivers advanced radio-frequency and mission systems for U.S. national security customers.• The deal, expected to close in the first half of 2027, will give the combined