Telefónica, S.A. (BME:TEF) is looking for acquisitions opportunities in Brazil, including assets of Oi S.A. (BOVESPA:OIBR4). "Our priority is organic growth, but if a deal opportunity appears we will look into it as long as it generates value to shareholders. If Oi, during its restructuring process, is interested in divesting some asset, we will participate.

The assessment logic will be same”, Eduardo Navarro, Chief Executive Officer of Telefónica told analysts during a conference call.