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

Amazon.com 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 per cent in the past two weeks following media reports of the companies’ discussions.