RIO DE JANEIRO, BRAZIL - (Reuters) Brazilian telecommunications firm Oi SA is in talks with Spain’s Telefonica SA and Italy’s Telecom Italia SpA to sell its mobile network to avoid insolvency, five people with knowledge of the matter said.

Oi has been struggling to turn around its business since filing for bankruptcy protection in June 2016 to restructure approximately 65 billion reais of debt.

Brazil’s largest fixed-line carrier expects to raise more than R$10 billion (Us$2.4 billion) by selling its mobile operations, according to two of the sources, who spoke on condition of anonymity . . .

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