Apple Backs Amazon's $11.6B Globalstar Takeover — And Profits From It

Apple just gave a thumbs-up to a rival's mega-deal — and stands to cash in handsomely. The iPhone maker has endorsed Amazon's roughly $11.6 billion takeover of satellite communications firm Globalstar, in which Apple holds approximately a 20% stake.

Apple pointed to Amazon's "proven track record" with infrastructure as justification for backing the acquisition. That's a notable endorsement from a company that competes fiercely with Amazon across hardware categories.

The deal creates a fascinating dynamic. Amazon gets Globalstar's satellite capabilities. Apple gets a massive payday on its existing stake while praising the buyer's operational chops. Two of the world's biggest tech rivals, linked by a satellite company neither fully controls.

For Apple, this is a win-win: pocket the returns and let Amazon handle the heavy lifting of running a satellite network.