Amazon said on Tuesday it would acquire Globalstar in an $11.57 billion deal, bolstering its fledgling satellite business as it looks to take ​on Elon Musk-led bigger rival Starlink. Shares of satellite company Globalstar were up more than 9% ‌in premarket trading, after gaining over 6% in the past two weeks following media reports of the companies’ discussions. The stock had nearly doubled in value last year and has risen about 12% ​so far this year, before news of an acquisition emerged. Amazon shares rose ​about 1% on Tuesday. The deal gives Amazon access to Globalstar’s network of ⁠two dozen satellites, boosting the tech giant’s ambitions to challenge SpaceX unit Starlink, which currently ​has about 10,000 units in orbit. Under the deal, the satellite firm’s shareholders can elect to receive either $90 ​in cash or 0.3210 shares of Amazon common stock for each share of Globalstar they own, the companies said.

Full report : Globalstar has network of more than 200 satellites is dwarfed by SpaceX, which has about 10,000 units in orbit via Starlink.