Apple to invest up to $1.5 bln in Globalstar for satellite coverage expansion

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apple The iPhone shaper partnered with Globalstar successful 2022 for a diagnostic that would let Apple users to nonstop exigency messages from distant areas. (Photo: Reuters)

Apple volition put up to $1.5 cardinal successful Globalstar to money the enlargement of its iPhone connection services, the outer supplier said successful a regulatory filing connected Friday.

Shares of Globalstar jumped implicit 30%, portion Apple was down astir 1.4% a time aft it forecast tepid quarterly gross growth.

Under the backing agreement, Apple volition perpetrate $1.1 cardinal successful currency and besides acquisition 20% equity successful Globalstar for $400 million. The outer institution said it volition usage a information of the funds to wage down debt.

The determination is different successful a enactment of partnerships betwixt abstraction firms and mobile work providers looking to supply satellite-based connectivity to customers successful regions with constricted web access.

Globalstar besides said it volition allocate 85% of its web capableness to Apple. The woody is expected to adjacent connected Tuesday.

The iPhone shaper partnered with Globalstar successful 2022 for a diagnostic that would let Apple users to nonstop exigency messages from distant areas.

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