Summary
Amazon plans to spend $11.57 billion to buy the satellite company Globalstar. This purchase will help Amazon expand its satellite internet services, competing with Elon Musk's Starlink. The deal means Amazon will take over Globalstar's infrastructure and aims to have thousands of satellites in orbit by 2028.
Key Facts
- Amazon will pay $11.57 billion to acquire Globalstar.
- The purchase is part of Amazon's plans to grow its satellite internet business, known as Leo.
- Amazon intends to deploy a new satellite system by 2028 to compete with Starlink.
- Starlink, owned by Elon Musk, has over 10,000 active satellites and millions of users.
- Amazon's Leo currently has around 200 satellites, with a goal of increasing to thousands.
- Amazon's acquisition includes Globalstar's operations in several global locations.
- Globalstar has been in satellite communications since 1991 and works with Apple for emergency services.
- Amazon offers investors $90 per share or equivalent in Amazon stock for Globalstar shares.
