Reported 25 days ago
Apple plans to invest up to $1.5 billion in Globalstar to expand its satellite communication services for iPhones. This investment includes $1.1 billion in cash and a $400 million purchase of 20% equity in Globalstar. The deal will allocate 85% of Globalstar's network capacity to Apple and aims to enhance connectivity in areas with limited access. Following the announcement, Globalstar's shares surged over 30%, while Apple saw a slight decline.
Source: YAHOO