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By Pamela Barbaglia
LONDON, June 30 Corporate finance firm Perella
Weinberg Partners has hired Jorma Ollila, former chairman and
chief executive of Finland's Nokia Oyj, as an
advisory partner, saying he would be able to give advice to a
broad spread of its clients.
The move comes amid a burst of activity in corporate deals,
with year-to-date global merger and acquisition (M&A) volumes
surging to $1.75 trillion, the highest level since 2007,
according to Thomson Reuters data.
Perella makes its living by advising corporate clients on
deals and strategy. Its global practice focuses on mergers and
acquisitions, financial restructuring, capital structure and
government strategy among its core areas.
Ollila, whose career path started in investment banking,
already has the post of chairman of the board of directors of
oil major Royal Dutch Shell Plc. He will provide senior
counsel to Perella's clients, the firm said on Monday.
Ollila served as president and CEO of Nokia between 1992 and
1999, later becoming chairman and CEO, positions he held from
1999 to 2006. He continued as chairman until 2012.
During his time at Nokia, the company grew to become a
global leader in mobile phones, but a subsequent CEO Stephen
Elop adopted a different strategy based on using Microsoft
Corp's mobile phone software instead of its own, and
the company's cellphone business was later sold to the U.S. tech
His appointment at Perella Weinberg has a "broad scope" and
Ollila's role will not be restricted to the tech, media and
technology industries. "M&A has gained pace and there is
momentum all across the board," said Stefan Jentzsch, head of
the European office.
Perella's clients base includes U.S. medical device maker
Medtronic Inc, which retained it as an advisor for its
$42.9 billion acquisition of Covidien Plc. Earlier this year it
advised European cable companies Numericable Group SA
and Ziggo NV in deals valued at 15.5 billion euros
and 10 billion respectively.
Ollila in a statement stressed his focus on "advising
clients around the world and providing a diverse platform of
alternative asset management strategies."
The executive has held a number of roles at the helm of
global corporations based in his native Finland. Since last year
he has served as chairman of the board of directors of stainless
steel maker Outokumpu Oyj.
He also serves as vice chairman of the board of directors of
Otava Books and Magazines, a major books publisher in Finland.
He began his career at Citibank Inc in 1978 working in
the corporate banking arm between London and Helsinki. He landed
his first job at Nokia in 1985 as vice president of
international operations and moved up the ranks until heading
the business for 14 years as CEO.
(Editing by Freya Berry and David Holmes)