EchoStar co-founder and chairman Charlie Ergen has reportedly agreed to snap up a controlling stake in mobile virtual network provider MobileX.

As reported by the Wall Street Journal (WSJ), Ergen has agreed to buy the controlling stake via his special purpose acquisition company CONX in a deal estimated to be worth $200 million.

The holding company's portfolio includes wireless brand Boost Mobile, Hughes Network, and pay-TV business Dish Network.

If the deal is approved, it would also give Verizon a minority stake in MobileX by converting a loan into equity, notes the WSJ.

MobileX offers services via Verizon's mobile network.

People familiar with the matter told the WSJ that MobileX CEO Peter Adderton will remain as chief executive. Adderton founded Boost Mobile in 2000 and sold it to Nextel in 2003. The company has been owned by EchoStar since 2023.

MobileX was set up in 2019, and offers 5G mobile plans via Verizon’s network. It sells plans through 2,500 wireless dealers across the US, plus 3,000 Walmart stores.

It's not clear whether Ergen will combine Boost Mobile with MobileX.

Adderton has previously been critical of EchoStar's mobile business on social media, as well as the 'Big 3' US carriers.

In a previous interview with DCD earlier this year, Adderton noted the competitiveness of the MVNO market, while sympathizing over the plight of Dish.

Ergen's investment in MobileX comes amid EchoStar's ongoing troubles. In recent months, the company has filed for Chapter 11 bankruptcy protection for both its Dish and Hughes units. Parent company EchoStar has sold $40 billion worth of spectrum to AT&T and SpaceX in the last 12 months.

MobileX declined to comment to DCD when contacted.