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Apple to invest up to $1.5 billion more in Globalstar for satellite coverage expansion
Friday November 1, 2024. 06:26 PM , from Mac Daily News
Apple is making a significant investment in satellite technology. The company will invest up to $1.5 billion in Globalstar to expand its iPhone communication services, as announced in a regulatory filing on Friday. This investment will allow Apple to further enhance its satellite-based emergency messaging and other connectivity features.
Reuters: Under the funding agreement, Apple will commit $1.1 billion in cash and also purchase 20% equity in Globalstar for $400 million. The satellite company said it will use a portion of the funds to pay down debt. Globalstar also said it will allocate 85% of its network capacity to Apple. The deal is expected to close on Tuesday. The iPhone maker partnered with Globalstar in 2022 for a feature that would allow Apple users to send emergency messages from remote areas. MacDailyNews Note: On February 28, 2023, Apple lent Globalstar $252 million to help cover upfront costs for replenishing its low Earth orbit (LEO) constellation to support Apple’s groundbreaking safety service, “Emergency SOS via satellite.” We are currently about 1/4th of the way to being sustainable with Substack subscriptions. Not a bad start! Please tell your Apple-loving friends about MacDailyNews on Substack and, if you’re currently a free subscriber, please consider $5/mo. or $50/year to keep MacDailyNews going. Just hit the subscribe button. Thank you! Read on Substack Please help support MacDailyNews — and enjoy subscriber-only articles, comments, chat, and more — by subscribing to our Substack: macdailynews.substack.com. Thank you! Support MacDailyNews at no extra cost to you by using this link to shop at Amazon. The post Apple to invest up to $1.5 billion more in Globalstar for satellite coverage expansion appeared first on MacDailyNews.
https://macdailynews.com/2024/11/01/apple-to-invest-up-to-1-5-billion-more-in-globalstar-for-satelli...
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