Tech giant Apple has announced a $1.5 billion investment to expand satellite services for its iPhone users, partnering with satellite communications provider Globalstar. According to Reuters, the investment includes $1.1 billion in cash for Globalstar, along with an additional $400 million to acquire a 20% stake in the company.
The deal, expected to finalize on Tuesday, will enable Globalstar to use part of the investment to pay down debt, while allocating around 85% of its satellite network capacity to Apple. Currently, Globalstar operates 31 satellites and is preparing to launch an additional 26 into orbit.
