Amazon is in discussions to acquire satellite telecommunications firm Globalstar in a deal that could be valued at approximately $9 billion, according to a report published Wednesday. The potential acquisition would mark a significant step in Amazon’s effort to expand its presence in the satellite internet sector.

The Financial Times, citing sources familiar with the matter, reported that negotiations between the two companies are ongoing, though several complexities remain unresolved. One key issue involves Apple’s roughly 20% ownership stake in Globalstar, which would require coordination in any final agreement.

Globalstar’s stock rose sharply following the report, climbing 24% in extended trading. The company’s market capitalization stood at about $8.81 billion at the close of regular trading.

A deal would accelerate Amazon’s push to compete with Elon Musk’s SpaceX and its Starlink satellite network, which has rapidly expanded its footprint in the global broadband market. Amazon has already been investing in its own satellite initiatives, aiming to provide internet access through low-Earth orbit systems.

While discussions have been ongoing for some time, no final agreement has been reached, and terms could still change as negotiations continue.