Amazon.com Inc (NASDAQ:AMZN) agreed to acquire Globalstar Inc (NYSE:GSAT) for $11.57 billion, snatching a satellite company that Elon Musk’s SpaceX had tried to buy itself just months earlier.
Amazon Outbid SpaceX
Amazon beat out SpaceX for Globalstar, securing spectrum and satellite infrastructure that strengthens its position in both broadband and direct-to-device connectivity.
SpaceX has roughly 10,000 Starlink satellites in orbit. Amazon has around 200, but is planning $200 billion in capex this year and targeting 3,200 satellites by 2029.
The deal is already sending ripples through the satellite sector. Viasat Inc (NASDAQ:VSAT) has surged nearly 600% in the past year, Iridium Communications (NASDAQ:IRDM) is up about 50%, and hedge funds are circling both as potential takeover targets as companies …
This post was originally published here
