Globalstar Inc.(NASDAQ:GSAT) shares jumped more than 15% in after-hours trading on Wednesday after a report said Amazon.com Inc. (NASDAQ:AMZN) is in talks to acquire the satellite communications company, citing people familiar with the matter.
Amazon Deal Talks Lift Globalstar Shares
The Financial Times reported Wednesday that the companies were still negotiating some of the deal’s complexities after lengthy talks. One major complication is Apple Inc.’s (NASDAQ:AAPL) 20% stake in Globalstar, which the iPhone-maker acquired in 2024 as part of a $1.5 billion investment to expand the satellite company’s constellation and ground infrastructure.
Amazon Pushes Harder Into Satellite Race
A deal with Globalstar could strengthen Amazon’s low-Earth-orbit satellite internet business, dubbed Leo, as it pushes toward commercial service. Amazon has launched more than …
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