Satellite communications company Globlastar (GSAT) shot higher on Friday afternoon on reports that the company is talking with advisers about a possible sale.

Globalstar, which owns wireless spectrum, had already attracted attention after a bidding war for spectrum holding company Straight Path (STRP) , pitting AT&T (T)  against Verizon (VZ) and ultimately leading to a $3.1 billion sale to Verizon. Bloomberg reported Friday that Globalstar is in talks with advisers about exploring a sale.

Shares of Globalstar rose 33% to $2.54 in the afternoon, putting the company's market cap at $2.8 billion.

"The one thing that can't be denied it is currently a seller's market with respect to spectrum generally," said David Tawil of Maglan Capital, which owns shares in Globalstar.

The bidding for Straight Path began during an FCC quiet period limiting talks between wireless carriers that took part in a spectrum auction. The restrictions on talks, which ended on April 27, could have deterred rival suitors.

Straight Path reached an attractive sale price even though it was forced to sell. The FCC fined the company for "squatting" on spectrum, or failing to deploy service on licenses. On top of a $15 million penalty, Straight Path would have to pay another $85 million if it did not sell itself this year.

Facing an FCC-mandated sale, Straight Path could not exactly play hard-to-get with suitors. Still, bids rose from AT&T's initial offer of $1.6 billion to Verizon's final price of $3.1 billion.

"It shows that there is a scarcity of spectrum and spectrum is in demand," Tawil said.

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