Amazon signs $11.57 billion deal for satellite firm Globalstar to challenge Musk's Starlink

Amazon said on Tuesday it would acquire Globalstar in an $11.57 billion deal, bolstering its fledgling satellite business as it looks to take on Elon Musk-led bigger rival Starlink. Shares of satellite company Globalstar were up more than 9% ‌in premarket trading, after gaining over 6% in the past two weeks following media reports of the companies’ discussions. The stock had nearly doubled in value last year and has risen about 12% so far this year, before news of an acquisition emerged. Amazon shares rose about 1% on Tuesday. More

(Source: NBC News - Apr 15)