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Report: Huawei, China Mobile may launch joint bid for Brazil's Oi

Huawei Technologies Co. Ltd. may partner with China Mobile Ltd. to launch a bid for embattled Brazilian mobile carrier Oi SA, Bloomberg News reported, citing Brazilian newspaper O Globo.

The potential deal is reportedly part of Huawei's attempts to enter the Brazilian market and boost the reach of its 5G technology amid the U.S. government's heightened scrutiny of the Chinese company. The plan also comes as the Brazilian government is seeking a solution for the indebted telecom operator.

Speculation of the bid came after Brazil's senate approved a bill to update the country's telecommunications framework, a move that will allow Oi to sell up to US$2 billion in noncore assets. The Rio de Janeiro-based telecom operator is looking to sell assets, including its African unit Unitel SA, and focus on its fiber-optic network to turn around declining profits as it enters the last phase of a two-year judicial recovery plan.

Oi is also in talks with Spain's Telefónica SA and Italy's Telecom Italia SpA for the sale of its mobile network to avoid insolvency, sources said. In October 2017, it was reported that China Telecom Corp. Ltd. was considering investment options for Oi, including an acquisition.