NEW YORK (TheStreet) -- Facebook (FB) - Get Meta Platforms Inc. Class A Report is reportedly looking to acquire Titan Aerospace for $60 million. TheDeal's Jeffrey Kanige analyzed the repercussions such a deal could have on satellite companies.
Facebook is interested in this company to bring Internet access to the most remote parts of the world, he said. In order to provide Internet access, the company would use solar-powered drones, which are supposedly capable of flying for five years without landing, Kanige said.
While these plans may seem far-fetched today, all these drones would wreak havoc on the satellite companies, whose products are currently the only way to send electronic signals to remote areas, he added.
This potential breakthrough would likely hit satellite companies including Globalstar (GSAT) and ViaSat (VSAT) - Get ViaSat, Inc. Report, while also hurting the manufacturers including Boeing (BA) - Get Boeing Company Report, Lockheed Martin (LMT) - Get Lockheed Martin Corporation Report, and Loral Space & Communications (LORL) - Get Loral Space & Communications Inc. Report, Kanige concluded.
-- Written by Bret Kenwell in Petoskey, Mich.
Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter.