2 Min Read
(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