Grupo Oi hires BTG Pactual to advise on TIM buyout

SAO PAULO Tue Aug 26, 2014 11:27pm EDT

SAO PAULO Aug 27 (Reuters) - Grupo Oi SA, the Brazilian telecommunications company grappling with swelling debt, hired investment bank Grupo BTG Pactual late on Tuesday to advise on a plan to win control of a larger rival.

In a securities filing, Oi named BTG Pactual as a "commissioner" to find potential alternatives to buy the stake that Telecom Italia SpA has in local carrier TIM Participacoes SA.

The filing did not specify any details on the advisory contract or what those alternatives could be.

Oi is in the middle of a plan to merge with Portugal Telecom SGPS SA to lower its debt and regain market share from its rivals in Brazil. (Reporting by Guillermo Parra-Bernal and Stephen Eisenhammer; Editing by Matt Driskill)

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