Reuters logo
Wireless spectrum holder Globalstar explores sale: sources
May 12, 2017 / 5:48 PM / 7 months ago

Wireless spectrum holder Globalstar explores sale: sources

(Reuters) - U.S. wireless spectrum holder Globalstar Inc (GSAT.A) is working with financial advisers on a potential sale of the company, according to sources familiar with the matter.

The company, which had a market value of $2.14 billion as of Thursday, could be of interest to wireless and cable companies, the sources told Reuters.

Globalstar’s shares were up 29.8 percent at $2.48 in late trading. The stock had risen nearly 21 percent this year through Thursday.

Bloomberg was the first to report Globalstar’s plan to sell itself.

Globalstar did not respond to a request for comment.

Investors are expecting a wave of deal-making in the telecom industry this year after the U.S. Federal Communications Commission lifted a ban on merger talks among companies as the regulator conducted a $19.8 billion auction of airwaves.

Verizon Communications Inc (VZ.N) on Thursday agreed to buy wireless spectrum holder Straight Path Communications Inc (STRP.A) in a $3.1 billion deal as the wireless service provider seeks an advantage in the race toward a 5G network.

Reporting by Pushkala A and Aishwarya Venugopal in Bengaluru and Liana Baker in San Francisco; Editing by Sai Sachin Ravikumar and Maju Samuel

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below