Amazon will acquire Globalstar for $90 per share, strengthening its satellite internet project. The transaction is valued at $11.57 billion.

Amazon announced on Tuesday the acquisition of Globalstar for $90 per share, in a deal valued at approximately $11.57 billion. This acquisition will support Amazon's satellite internet project aimed at competing with SpaceX. Globalstar's shares rose by over 10% after the announcement, while Amazon's shares increased by over 3%. The agreement includes the takeover of Globalstar's operations and infrastructure, allowing Amazon to develop a satellite communication system directly to mobile devices, planned for launch in 2028. Globalstar shareholders will have the option to choose between cash or Amazon shares. The transaction is expected to close in 2027. Amazon has already launched over 240 satellites and has requested an extension for the launch of another 1,600 satellites. The FCC will review the transaction, which could turn Amazon into a direct competitor of SpaceX in the satellite services market.