Apple devices that use Globalstar features, like the iPhone 14 or later and the Apple Watch Ultra 3, shouldn’t see any immediate changes. In its press release, Amazon said the company and Apple “signed an agreement to provide satellite connectivity for current and future iPhone and Apple Watch features.”

Amazon announces plans to acquire satellite service provider Globalstar in its quest to provide connectivity services from space.

Amazon's deal for Globalstar brings scale, spectrum, and services to its Leo proposition; the firm has also extended an airtime deal with Apple, and got back into private 5G.

The e-commerce giant is buying Globalstar, a satellite communications company, as it aims to expand its own satellite internet service to compete with Elon Musk’s Starlink.

Amazon plans to acquire Globalstar to boost its satellite network, challenge Starlink, and enable direct-to-device connectivity for future smartphones.

Oil and gas producer HighPeak Energy (NASDAQ:HPK) fell by 6.3% on Tuesday after renewed hopes for a U.S.-Iran ceasefire triggered a massive "relief rally" in broader markets, prompting investors to rotate out of energy hedges.

Amazon.com (NASDAQ:AMZN | AMZN Price Prediction) announced it is acquiring satellite company Globalstar (NASDAQ:GSAT) for $11.6 billion, and the market delivered an immediate verdict. Amazon shares rose 5% on the news,