Apple Inc. is set to invest up to US$1.5 billion in satellite operator Globalstar.

The aim is to enhance communication services for iPhone users.

According to a regulatory filing by Globalstar on Friday, Apple will provide US$1.1 billion in cash.

The company will also acquire a 20% equity stake for US$400 million. Part of this investment will help Globalstar reduce its existing debt.

Globalstar will dedicate 85% of its network capacity to Apple, per the agreement. The deal is expected to be finalized on Tuesday.

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31-Oct-2024 💻 Apple reveals M4 chip MacBook Pro, boosts RAM for AI Apple launches new MacBook Pro with M4 chip Available in stores starting November 8

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