CONX is taking a 60% controlling interest in MobileX and injecting an undisclosed amount of capital into the MVNO. The Wall Street Journal reported the deal values MobileX at about $200 million, citing people familiar with the matter.
FCC filing sets out the customer base and ownership math
MobileX said in an FCC filing seeking approval of the transaction that it has about 107,000 paid customers. After the transaction closes, Adderton will hold 19.42% of the equity and voting interests in MobileX, while other shareholders will hold the remaining 19.65%, and no other shareholder will hold 10% or more of the outstanding interests.
Verizon’s MVNO role stays in place for now
Verizon provides MobileX’s network connectivity under an MVNO agreement and will receive 12.5% of MobileX equity when the current MVNO agreement ends, which is expected within nine months. Adderton declined to comment on his deal with Verizon beyond saying it has been “a great partner.”
Adderton keeps day-to-day control
Adderton said he will run MobileX on a day-to-day basis and that the company is independent and part of CONX, not Boost or EchoStar. He also said MobileX uses AI to calculate how much data a customer needs so users pay for the amount they actually use rather than a flat unlimited plan.
Read for MVNO and satellite connectivity buyers
For MVNO buyers, the disclosed structure shows a carrier-hosted mobile business changing control without an immediate disclosure of a service reset. For satellite and direct-to-device watchers, Adderton said he wants MobileX to expand into multiple networks, including satellite and direct-to-device services, and wants customers to be able to move from Wi-Fi to Starlink or other space-based satellite services.
Adderton’s earlier MVNO history is part of the backdrop
Adderton said he led Amp’d Mobile from around 2004 to 2008 and that it went bankrupt under his leadership. He said MobileX has spent heavily on its platform and technology, which has limited the money available for marketing.