Atlas Investissement Amends Millicom Stake, Signals Ownership Shift

TL;DR

**Atlas Investissement just updated its Millicom stake, watch for potential strategic moves.**

AI Summary

Atlas Investissement, led by Xavier Niel, has filed an Amendment No. 10 to its Schedule 13D, indicating a change in its beneficial ownership of Millicom International Cellular S.A. common shares as of January 17, 2024. This filing updates previous disclosures regarding their stake in the telecommunications company. For investors, this matters because significant changes in ownership by large institutional or activist investors like Atlas Investissement can signal shifts in strategic direction, potential M&A activity, or a change in the investor's confidence in the company's future.

Why It Matters

This filing updates the public record on a major investor's stake in Millicom, which can influence market perception and potentially signal future corporate actions or strategic changes.

Risk Assessment

Risk Level: medium — Changes in significant ownership can introduce uncertainty regarding future company direction or potential activist involvement, leading to stock price volatility.

Analyst Insight

Investors should monitor subsequent filings from Atlas Investissement and Millicom International Cellular S.A. for further details on the nature of this ownership change and any potential strategic implications.

Key Players & Entities

• Atlas Investissement (company) — the filing entity and a significant investor in Millicom International Cellular S.A.
• MILLICOM INTERNATIONAL CELLULAR S.A. (company) — the subject company whose common shares are being reported on
• Xavier Niel (person) — associated with NJJ HOLDING and Atlas Investissement, a group member
• Denis Klimentchenko (person) — authorized to receive notices for the filing person
• January 17, 2024 (date) — the date of the event requiring this filing

Forward-Looking Statements

• Atlas Investissement may be adjusting its strategic involvement with Millicom International Cellular S.A. (Atlas Investissement) — medium confidence, target: Q1 2024

FAQ

Key Financial Figures

• $1.50 — ged for Issuer common shares, par value $1.50 per share (“ Common Shares &rdquo

Filing Documents

• tm243414d1_sc13da.htm (SC 13D/A) — 112KB
• 0001104659-24-004397.txt ( ) — 114KB

Source and Amount of Funds or Other Consideration

Item 3. Source and Amount of Funds or Other Consideration.

of the Schedule 13D is hereby amended and supplemented by the

Item 3 of the Schedule 13D is hereby amended and supplemented by the following: Since the filing of Amendment No. 9, Atlas acquired an additional 1,523,866 SDRs for an aggregate purchase price of SEK 268,367,782.41 (excluding commissions). These purchases were financed through additional loans from Atlas Investissement.

Purpose of Transaction

Item 4. Purpose of Transaction.

of the Schedule 13D is hereby amended and supplemented as follows

Item 4 of the Schedule 13D is hereby amended and supplemented as follows: On May 31, 2023, Atlas entered into a Rule 10b5-1 SDR Purchase Mandate, as previously described in Amendment No. 5 to the Schedule 13D. On January 12, 2024, the SDR Purchase Mandate terminated pursuant to its terms.

Interest in Securities of the Issuer

Item 5. Interest in Securities of the Issuer. Items 5(a)-(c) of the Schedule 13D are hereby amended and restated as follows: (a) and (b) The percentage of beneficial ownership in this Schedule 13D is based on 171,447,650 Common Shares outstanding as of January 5, 2024 (based on 172,096,305 Common Shares outstanding, less 648,655 Common Shares held in treasury, as set forth in the last relevant update available on the date hereof in the “ Financial News ” section of the Issuer's website). The aggregate number and percentage of Common Shares beneficially owned by each Reporting Person and, for each Reporting Person, the number of shares as to which there is sole power to vote or to direct the vote, shared power to vote or to direct the vote, sole power to dispose or to direct the disposition, or shared power to dispose or to direct the disposition are set forth on rows 7 through 11 and row 13 of the cover pages of this Schedule 13D and are incorporated herein by reference. As of January 15, 2024, Atlas beneficially owned 49,966,734 SDRs, which may be exchanged for Common Shares on a one-for-one basis. Neither the filing of this Schedule 13D nor any of its contents shall be deemed to constitute an admission that any Reporting Person (other than Atlas to the extent it directly holds the securities reported herein) is the beneficial owner of the Common Shares referred to herein for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, or for any other purpose and each of the Reporting Persons expressly disclaims beneficial (c) Except as described in this Schedule 13D or Annex B attached hereto, the Reporting Persons have not effected any transactions in Common Shares during the past sixty days. 6

SIGNATURES

SIGNATURES After reasonable inquiry and to the best of each of the undersigned’s knowledge and belief, each of the undersigned, severally and not jointly, certifies that the information set forth in this statement is true, complete and correct. Dated: January 17, 2024 ATLAS LUXCO S.À R.L. By: /s/ Anthony Maarek Name: Anthony Maarek Title: Manager By: /s/ Tigran Khachatryan Name: Tigran Khachatryan Title: Manager ATLAS INVESTISSEMENT By: /s/ Xavier Niel Name: Xavier Niel Title: Président of NJJ Holding itself Président of Atlas Investissement NJJ HOLDING By: /s/ Xavier Niel Name: Xavier Niel Title: Président XAVIER NIEL By: /s/ Xavier Niel [Millicom International Cellular S.A. - Schedule 13D/A] ANNEX B Trading History During Past Sixty Days Trade Date Common Shares Purchased/(Sold) Weighted Average Price Per Share Name of Entity 09-Nov-23 53,600 SEK 176.0639 Atlas 10-Nov-23 53,600 SEK 175.5208 Atlas 13-Nov-23 60,000 SEK 175.7634 Atlas 14-Nov-23 40,600 SEK 176.1517 Atlas 15-Nov-23 39,500 SEK 177.5106 Atlas 16-Nov-23 41,000 SEK 176.9431 Atlas 17-Nov-23 45,700 SEK 176.3507 Atlas 20-Nov-23 41,000 SEK 176.0680 Atlas 21-Nov-23 66,500 SEK 174.0956 Atlas 22-Nov-23 56,000 SEK 173.0098 Atlas 23-Nov-23 39,000 SEK 174.6055 Atlas 24-Nov-23 24,300 SEK 178.5722 Atlas 27-Nov-23 32,500 SEK 179.9624 Atlas 28-Nov-23 36,500 SEK 177.7688 Atlas 29-Nov-23 28,654 SEK 177.7806 Atlas 30-Nov-23 40,000 SEK 177.6836 Atlas 01-Dec-23 39,000 SEK 176.5950 Atlas 04-Dec-23 23,500 SEK 180.2921 Atlas 05-Dec-23 84,900 SEK 172.3253 Atlas 06-Dec-23 45,500 SEK 171.2776 Atlas 07-Dec-23 41,250 SEK 172.6937 Atlas 08-Dec-23 40,900 SEK 172.7691 Atlas 11-Dec-23 48,000 SEK 171.4787 Atlas 12-Dec-23 62,000 SEK 170.4681 Atlas 13-Dec-23 74,900 SEK 167.8360 Atlas 14-Dec-23 50,500 SEK 170.1977 Atlas

View Full Filing

View this SC 13D/A filing on SEC EDGAR