Amazon is in advanced talks to acquire satellite firm Globalstar, a move seen as a major step towards building its own low Earth orbit constellation. This potential $14.2bn deal, involving Apollo's exit from its joint venture with Intel, highlights the shifting landscape for private credit. Apollo's complex structuring of the Intel transaction, which avoided debt classification and secured investment-grade ratings, attracted rivals like KKR and Blackstone.

This deal exemplifies how distressed-asset investors see a downturn in private credit as a once-in-a-generation opportunity, with figures like David Tepper's $7bn profit during the financial crisis serving as a benchmark. The broader market is grappling with a $1.2tn global M&A surge, even as private credit faces redemptions and questions about AI-driven software valuations.