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Officially: Amazon $AMZN acquires $GSAT in a deal worth $11.57 billion to compete with Starlink
Acquisition value = $90 per share (paid to shareholders in cash or exchanged for 0.3210 shares of Amazon)
The goal is to strengthen Amazon's Project Kuiper satellite network to counter Elon Musk's dominance (Starlink currently owns 10,000 satellites and serves 9 million users)
Additionally, Amazon has signed a parallel agreement with Apple to ensure the continued operation of Emergency SOS satellite services for iPhones and Apple Watches (Apple previously invested $1.5 billion in $GSAT)
Closing of the deal is expected in the year... 2027