Amazon is in talks to acquire satellite telecommunications group Globalstar, the Financial Times reported on Wednesday, citing people familiar with the matter.

Globalstar’s shares rose 24% to $85 in extended trading. The company’s market cap was $8.81 billion, as of last close.

Both sides were still negotiating some of the complexities of a deal after lengthy talks, according to the report.

One complicating factor has been Apple’s ownership of a 20% stake in Globalstar, necessitating negotiations between Amazon and Apple, the report said.

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(Reporting by Akanksha Khushi in Bengaluru; Editing by Shreya Biswas)