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Investing.com -- Globalstar (NYSE:GSAT) stock surged 25% Thursday following a Bloomberg report that the satellite company is exploring a potential sale and has held preliminary discussions with Elon Musk’s SpaceX among other possible buyers.
According to people familiar with the matter, Globalstar is working with an investment bank to facilitate the process. While SpaceX is one of the parties in talks with the company, another buyer could emerge, and Globalstar may ultimately decide to remain independent.
Apple (NASDAQ:AAPL) likely has significant influence over Globalstar’s future plans. The tech giant provides a Globalstar service that enables iPhone users to send texts and contact emergency services when outside cellular coverage areas. Last year, Apple invested approximately $1.5 billion in Globalstar’s infrastructure and acquired a 20% stake in the company.
