Xavier Niel's Atlas Investissement Upsizes Equity Financing to Reach 49.5% Stake in Millicom

Executive Summary

On September 24, 2026, Atlas Investissement SAS, an investment vehicle controlled by French telecom entrepreneur Xavier Niel (via Iliad Holding SAS and Maya SAS), filed Amendment No. 30 to Schedule 13D regarding Millicom International Cellular S.A. ($TIGO).

The filing outlines two key developments:

1. Equity Financing Facility Upsize: On September 22, 2026, Atlas entered into amendment agreements with six major financial institutions (BNP Paribas, Crédit Agricole CIB, Natixis, Société Générale, Citibank Europe, and ING Bank), expanding its secured equity financing borrowing capacity by approximately $483.89 million.
2. Physical Settlement of Derivative Transactions: Scheduled for September 25, 2026, Atlas will physically settle June derivative contracts to acquire 6,000,000 Common Shares for approximately $568.20 million (~$94.70 per share).

Beneficial Ownership Breakdown

• Current Direct Holdings: 76,982,244 Common Shares
• Contracted / Derivative Settlement: 6,000,000 Common Shares (settling September 25, 2026)
• Total Beneficial Ownership: 82,982,244 Common Shares
• Percentage of Class: 49.5% (based on 167,718,390 outstanding Common Shares net of treasury shares as of August 31, 2026)
• Voting / Dispositive Power: Shared voting and dispositive power over all 82,982,244 shares among Atlas Investissement, Iliad Holding SAS, Maya SAS, and the Niel family.

Strategic Intent & Control Outlook

Atlas Investissement explicitly reiterated its plan to acquire additional Common Shares on the open market or through privately negotiated transactions to reach up to 50.5% beneficial ownership, subject to necessary regulatory approvals and financing covenants. Under the amended bank agreements, Atlas agreed not to exceed 50.5% beneficial ownership at the time of purchase.