By Adriano Marchese
Globalstar shares surged in premarket trading Tuesday after a Bloomberg report said that Amazon.com is closing in on a takeover of the satellite operator, a move that would expand the tech giant's ambitions in space-based communications.
Shares traded 14% higher ahead of the morning bell at $82.80.
Amazon is in advanced talks to acquire Globalstar, according to the Bloomberg report, citing unidentified people familiar with the matter.
Neither Globalstar nor Amazon were immediately available for comment.
While the two companies haven't yet reached a final agreement, the unidentified people said that a deal could be announced as early as Tuesday.
Globalstar's stock has nearly tripled over the past 52 weeks, bringing its market cap to about $9.37 billion.
Apple owns a 20% stake in Globalstar, but Amazon wants Globalstar's satellite network and spectrum to accelerate its Project Kuiper satellite rollout and compete with SpaceX's Starlink.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
04-14-26 0703ET
