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00:02Amazon said Tuesday it will acquire Globalstar in an $11.57 billion deal,
00:07as it expands its satellite business to compete with Starlink, according to Reuters.
00:12Globalstar shares rose more than 9% pre-market on Tuesday, while Amazon gained about 1%.
00:18The deal gives Amazon access to Globalstar's network of about two dozen satellites,
00:23boosting the tech giant's position with rival SpaceX unit Starlink.
00:27Amazon plans to deploy about 3,200 satellites by 2029,
00:31with half required by a July 2026 deadline, and currently operates more than 200 satellites.
00:38Globalstar powers Apple's Emergency SOS feature and is expanding its network to 54 satellites.
00:44Amazon and Apple will continue supporting satellite safety features.
00:48The deal is expected to close next year pending approvals and deployment milestones.
00:52For all things money, visit Benzinga.com.
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