Telecom Italia is looking at acquiring Brazilian fixed-line telco and satellite broadcaster Oi in an attempt to boost local competitiveness and challenge Telefonica’s market position. Telecom Italia already has a small operation in Brazil (TIM Brazil) and has previously tried to buy another local operator GVT.

TIM Brazil is itself under threat of take-over with America Movil, Telefonica itself as well as Oi looking to acquire TIM Brazil. Oi, however, has a $20 billion debt load, and Bloomberg is reporting that TIM Brazil could afford a leveraged bid partly with its own stock and cash.

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