Charlie Ergen has agreed to acquire a controlling stake in wireless-service provider Mobile X through his special purpose acquisition company, CONX. The deal, which is subject to regulatory approval, values Mobile X at approximately $200 million. This acquisition would allow Ergen to control wireless services Boost Mobile and Mobile X via EchoStar and CONX, respectively.

Ergen, co-founder and chairman of EchoStar, oversees a communications empire that includes wireless brand Boost Mobile and pay-TV business Dish Network. The new agreement also grants wireless carrier Verizon Communications a minority stake in Mobile X by converting an existing loan into equity. Mobile X has historically leased and resold excess capacity from Verizon's network.