Apple won’t be holding onto its 20% stake in Globalstar once Amazon’s acquisition of the satellite firm concludes, with the shares set to be held by a “Grapefruit” company instead.
Messages via Satellite – Image Credit: Pixabay/Terry McGraw
Messages via Satellite – Image Credit: Pixabay/Terry McGraw
On April 14, Amazon agreed to acquire satellite service provider Globalstar in an $11 billion deal. The purchase adds Globalstar to Amazon’s existing satellite portfolio, which includes its Leo business.
However, Apple holds 20% of the shares in Globalstar, under a $1.1 billion commitment from 2024, which included a $400 million share purchase. Once the deal concludes, it won’t be holding onto the shares, nor the accompanying voting rights.