Deal Tracker: Amazon-Globalstar deal tops media, telecom M&A YTD

Amazon.com Inc.'s proposed acquisition of Globalstar Inc. in April propelled M&A deal value in the North American media and telecom sector to its highest monthly total year to date.

The sector recorded an aggregate value of $16.49 billion from 70 transactions in April, according to S&P Global Market Intelligence data. However, the deal volume was the lowest so far this year.

By comparison, there were 88 M&A transactions in March with $703.8 million in total value. A year ago, the sector gathered an aggregate M&A value of $102.1 million from 77 deals.

Amazon in mid-April agreed to acquire mobile satellite services provider Globalstar for a gross transaction value of $11.42 billion from Thermo Funding II LLC, an entity associated with Globalstar Executive Chairman James Monroe III, who owns a 57.50% stake in Globalstar. This is the largest deal of the year so far.

Thermo Funding II tapped Evercore Group LLC and BDT & MSD Partners LLC as financial advisers. Evercore also provided a fairness opinion on the transaction, which is the biggest media and telecom transaction so far this year.

The acquisition will include Globalstar's satellite operations, infrastructure and assets, as well as mobile satellite service spectrum licenses with global authorizations. These assets will help Amazon in expanding its low Earth orbit satellite network, Amazon Leo, while enabling the rollout of direct-to-device services starting in 2028.

Upon the deal's completion in 2027, Amazon is expected to compete more aggressively with Space Exploration Technologies Corp.'s Starlink service in the satellite internet market. However, some analysts believe Amazon will have a big catch-up to do with SpaceX, given the latter's huge satellite footprint.

Incidentally, SpaceX in February acquired its sibling company, X.AI LLC, via a share exchange deal worth an estimated $250.00 billion. Together with the Amazon-Globalstar deal, these two transactions drove a recent surge of M&A and investment activity in the space technology sector.

– Read S&P Capital IQ Pro's in-depth profile of the Amazon-Globalstar deal. – Learn more about multiple offerings from Meta Platforms Inc. that drove a significant surge in North American media and telecom capital activity in April. – Run a custom screen of M&A by industry or geography on our Transactions Statistics page.

Two transactions tied for second in gross transaction value.

The first deal is the proposed $2.00 billion acquisition of Learfield Communications LLC by an investor group composed of private equity firms TPG Capital LP and TPG Sports, both part of private equity firm TPG Inc.

As part of the transaction, Learfield, a college athletics-focused media and technology company, will gain additional capital and resources to expand and innovate in the areas of sports sponsorships, ticketing, website and mobile apps, and licensed merchandise.

Current investor Charlesbank Capital Partners LLC will retain a minority stake in Learfield, with Fortress Investment Group LLC and other investors exiting their respective stakes. Deal closing, subject to customary approvals and other closing conditions, is expected in the third quarter.

TPG's lead financial adviser on the transaction is Evercore Inc., with Raine Securities LLC also acting as financial adviser. Moelis & Co. LLC is Learfield's lead financial adviser, with BofA Merrill Lynch International Ltd. and Bank of America Merrill Lynch also acting as financial advisers.

The other transaction worth $2.00 billion involves T-Mobile US Inc.'s investment for a 50% stake in a joint venture that will be formed with private equity firm Oak Hill Capital Management LLC to combine the latter's fiber assets, namely Maine-based NetSpeed LLC, or GoNetspeed, and New York-based Greenlight Networks LLC.

Separately, T-Mobile will form a 50/50 joint venture with global infrastructure investor Wren House Infrastructure Management Ltd. to acquire fiber-to-the-premises provider i3 Broadband LLC, which is focused on Missouri, Illinois and Rhode Island.

April's fourth-biggest media or telecom deal will see T-Mobile investing about $700.0 million to acquire a 50% equity interest in the venture and substantially all of i3 Broadband's residential fiber customers.

The joint venture deal with Oak Hill is expected to close in the first half of 2027, while the transaction with Wren House is expected to be completed in the second half of 2026. Both deals are in line with T-Mobile's efforts to expand its fiber footprint.

Citigroup Global Markets Inc. is T-Mobile's financial adviser on the NetSpeed/Greenlight Networks joint venture deal. Oak Hill hired Bank Street Group LLC, Lazard Freres & Co. LLC, TD Securities Inc. and Guggenheim Securities LLC as financial advisers.

For the i3 Broadband transaction, T-Mobile hired TD Securities (USA) LLC as financial adviser. Bank Street Group is advising Wren House.

The proposed $7.83 billion acquisition of Clear Channel Outdoor Holdings Inc. by an investor group comprising Mubadala Capital and TWG Global Holdings LLC is the second-largest deal year to date, followed by the TPG-Learfield transaction and T-Mobile's joint venture deals.

The TPG-Learfield deal also ranked as the fourth-largest global private equity or venture capital transaction in April.