Amazon announced that it will acquire Globalstar in an $11.57 billion deal to strengthen its presence in the satellite internet market. Globalstar operates a satellite network with about 24 satellites and supports Apple's Emergency SOS feature. With this acquisition, Amazon aims to support its goal of deploying 3,200 satellites in low Earth orbit by 2029 by increasing the number of satellites. The company already has more than 200 satellites and plans to launch satellite internet services this year. In comparison, Elon Musk's Starlink service leads the industry with about 10,000 satellites and serves more than nine million users worldwide. Under the agreement, Globalstar shareholders will be able to choose between $90 in cash or 0.3210 Amazon shares for each share they own. Additionally, Amazon and Apple will continue their collaboration to support Apple's satellite-based security features. The acquisition is expected to be completed in 2024, with certain satellite deployment targets to be achieved.