LightSquared Inc., billionaire Philip Falcone’s wireless broadband venture, named Marc Montagner chief financial officer, hiring an executive with a background in dealmaking as it seeks to clear hurdles to start operations.
Montagner replaces Michael Montemarano, who left the company in November, said Amy Rosenberg, a spokeswoman for LightSquared. Montagner previously worked as executive vice president of strategy, development and distribution at SkyTerra Communications Inc., which was acquired by Falcone’s Harbinger Capital fund and became the basis of LightSquared.
LightSquared, based in Reston, Va., is seeking federal approval to start service and faces challenges from global- positioning system device makers that say the signals disrupt GPS navigation by cars, boats, tractors and planes. The company is seeking to complete a wireless deal with Overland Park-based Sprint Nextel. Over the weekend, Sprint extended the deadline for Lightsquared to clear regulatory hurdles and complete the terms of the partnership to the end of January.
The company has said it is adequately funded through the government review period. Credit Suisse Group AG analyst Jonathan Chaplin has estimated that the company will need to raise more cash by April.
Montagner also was a managing partner at the merger advisory group Dupont Circle Partners, and worked as the co-head of the global telecommunications, media and technology merger group of Banc of America Securities. He also was a senior vice president in charge of mergers and acquisitions at Sprint, where he was responsible for deals including the purchase of Nextel Communications Inc.