CONX, Charlie Ergen’s SPAC, agreed to acquire a controlling stake in MobileX, a move that values the MVNO at about $200 million and will require regulatory approval.
Peter Adderton will continue to lead MobileX. Verizon is expected to acquire a minority stake in the company.
The ownership structure keeps the current operator in place
The deal does not replace MobileX’s existing management. Adderton stays with the business while Verizon is lined up for a minority position, leaving CONX to take the controlling stake.
Boost Mobile stays inside Ergen’s orbit
EchoStar currently owns and operates Boost Mobile. Boost was acquired in 2023 as part of a condition tied to the T-Mobile and Sprint merger, and it holds MVNO agreements with both T-Mobile and AT&T.
Boost recently transitioned to a hybrid MVNO that runs primarily on AT&T’s network while also running on Boost’s own core network. Boost will also have access to SpaceX’s upcoming next-generation direct-to-device service, tied to EchoStar’s sale of spectrum to SpaceX.
MobileX brings Verizon exposure and Adderton’s track record
MobileX was founded in 2019 and provides mobile services on Verizon’s network. Adderton founded Boost Mobile in 2000 and sold it to Nextel in 2003; Nextel later merged with Sprint. He also sold his Australia-based Boost Mobile prepaid business to Telstra in late 2024.
Read for prepaid MVNO buyers
The disclosed terms point to a controlling change without an immediate leadership reset at MobileX. For prepaid MVNO buyers, the more useful benchmark is the combination of a $200 million valuation, a continuing founder-led operating role, and a minority slot for Verizon.
Ergen’s mobile push still runs through external networks
If the deal closes, Ergen will effectively control two MVNOs that together operate across all three major US mobile networks. Ergen said EchoStar’s mobile efforts have not been as successful as management would like and that the company has been treading water for four years.
Roger Entner said Adderton’s continued leadership would give Ergen needed mobile expertise.
CONX is already active beyond MobileX
CONX was founded in 2020. In June, CONX signed a financing deal that paved the way for it to acquire a controlling interest in HC2 Broadcasting.
HC2 Broadcasting is the largest owner and operator of US low-power television stations and supports 5G Broadcast. HC2 asked the FCC last spring to adopt a rule embracing the 5G Broadcast standard.