Satellite Operator Globalstar Soars After Agreement With Apple

Satellite Operator Globalstar Soars After Agreement With Apple · Barrons.com

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Globalstar stock rose sharply Friday after the satellite company disclosed an expanded agreement with iPhone maker Apple that could see its revenue double next year. Globalstar will deliver expanded services to Apple over a new mobile satellite services network, including a new satellite constellation, expanded ground infrastructure, and increased global MSS licensing, the company said Friday. Apple will prepay for certain services to be delivered, it added, including an infrastructure prepayment of up to $1.1 billion and an amount necessary for Globalstar to retire its outstanding 13% senior notes due 2029.