Amazon to Take Over Apple's 20% Stake in Globalstar as Part of Acquisition
Amazon is acquiring Apple's 20% stake in Globalstar as part of its $11.6 billion deal for the satellite communications provider. This move aims to enhance Amazon's satellite connectivity services, competing with SpaceX. Amazon plans to upgrade Globalstar's network to improve coverage and capabilities for mobile devices.
- ▪Amazon is taking over Apple's 20% stake in Globalstar as part of its acquisition.
- ▪The acquisition is valued at $11.6 billion and aims to compete with SpaceX in satellite connectivity.
- ▪Amazon plans to enhance Globalstar's network to provide better coverage and capabilities for mobile devices.
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Amazon has revealed that it’s taking over Apple’s 20% stake in Globalstar as part of its $11.6 billion acquisition of the satellite communications provider. The details are outlined in an Amazon filing with the Federal Communications Commission, urging the US regulator to sign off on the acquisition as the e-commerce giant tries to compete with SpaceX in satellite connectivity. Amazon is creating a subsidiary, “Grapefruit Acquisition Sub II,” to conduct the merger. The subsidiary will also acquire Apple’s 20% equity and voting interests in Globalstar, which the iPhone maker secured in 2024 as part of its own $1 billion investment.
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