Apple is set to invest up to $1.5 billion in satellite provider Globalstar to enhance its iPhone communication services. As part of this deal, Apple will contribute $1.1 billion in cash and purchase a 20% stake in Globalstar for $400 million. Globalstar will allocate 85% of its network capacity to Apple under this agreement, which is expected to close on November 5.
This partnership, which builds on their 2022 collaboration, aims to improve connectivity in areas with limited network access. The initial feature allowed iPhone users to send emergency messages from remote regions. Shares of Globalstar surged by over 30% following the announcement, while Apple’s stock saw a slight decline.
