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

Buying the satellite group would speed up Amazon’s effort to rival Elon Musk’s SpaceX and its Starlink internet network.

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.