Atlas Investissement Amends Millicom Stake Filing

TL;DR

Atlas Investissement updated their Millicom stake filing - watch this space.

AI Summary

On October 9, 2024, Atlas Investissement filed an amendment (No. 17) to its Schedule 13D for Millicom International Cellular S.A. The filing indicates a change in beneficial ownership, with Atlas Investissement now holding a significant stake in the company. The filing was made by Atlas Luxco S.A R.L. and involves individuals such as Xavier Niel.

Why It Matters

This filing signals a potential shift in control or influence over Millicom International Cellular S.A., which could impact its strategic direction and shareholder value.

Risk Assessment

Risk Level: medium — Changes in beneficial ownership filings can indicate activist investor activity or potential takeovers, introducing uncertainty.

Key Players & Entities

• Atlas Investissement (company) — Filing entity
• Millicom International Cellular S.A. (company) — Subject company
• Atlas Luxco S.A R.L. (company) — Group member of filing entity
• Xavier Niel (person) — Group member of filing entity
• Denis Klimentchenko (person) — Authorized to receive notices

FAQ

Key Financial Figures

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

Filing Documents

• tm2425822d1_sc13da.htm (SC 13D/A) — 125KB
• tm2425822d1_ex1.htm (EX-99.1) — 27KB
• 0001104659-24-107999.txt ( ) — 153KB

Identity and Background

Item 2. Identity and Background.

of the Schedule 13D is hereby amended and supplemented, as applicable,

Item 2 of the Schedule 13D is hereby amended and supplemented, as applicable, as follows: (a), (f) This Schedule 13D is being filed by (i) Atlas, a company organized in Luxembourg, (ii) Atlas Investissement, a company organized in France, (iii) Iliad Holding, a company organized in France, (iv) Xavier Niel, a citizen of France, (v) Jules Niel, a citizen of France, (vi) John Niel, a citizen of France, (vii) Elisa Niel, a citizen of France and (viii) Joseph Niel, a citizen of France (collectively, the “ Reporting Persons ”). Atlas directly holds the securities reported herein. Atlas Investissement, as the sole owner of Atlas, may be deemed to have shared beneficial ownership over the Common Shares beneficially owned by Atlas. Iliad Holding, as the sole owner of Atlas Investissement, may be deemed to have shared beneficial ownership over the Common Shares beneficially owned by Atlas and Atlas Investissement. Members of the Niel Family may be deemed to have shared beneficial ownership of the shares representing Iliad Holding. Set forth on Annex A attached hereto is a listing of the directors and executive officers of each of the Reporting Persons (collectively, the “ Covered Persons ”), and certain other information, including the business address and present principal occupation or employment/role of each of the Covered Persons, and is incorporated herein by reference. (b) The principal business address of Atlas is 53 boulevard Royal, L-2449 Grand-Duchy of Luxembourg. The principal business addresses of the other Reporting Persons are set forth under Annex A . (c) The principal occupation of Atlas is to invest in securities of Issuer. The principal occupation of Atlas Investissement is to invest in securities. The principal business of Iliad Holding is to serve as a holding company of Iliad S.A., a French telecommunications group. Members of the Niel Family jointly own Iliad Holding.

Purpose of Transaction

Item 4. Purpose of Transaction.

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

Item 4 of the Schedule 13D is hereby amended and supplemented by adding the following: On September 19, 2024, Issuer announced that Mauricio Ramos will be stepping down from his roles of director and Chair of Issuer’s board of directors (the “ Board ”) on September 30, 2024. The Board unanimously appointed Maxime Lombardini, an affiliate of the Reporting Persons, to act as Interim Chair of the Board until the next annual general meeting of Issuer’s shareholders. Following this appointment, Maxime Lombardini stepped down as the chief operating officer and president of Issuer. On September 24, 2024, Issuer announced that Thomas Reynaud and Aude Durand stepped down from their roles as members of the Board with immediate effect, and that the Board appointed Jules Niel, one of the Reporting Persons, and Pierre-Emmanuel Durand, an affiliate of the Reporting Persons, as interim members of the Board, until the next annual general meeting of Issuer’s shareholders. In their capacities as a directors of Issuer, Messrs. Lombardini, Niel and Durand may have influence over the corporate activities of Issuer, including activities which may relate to items described in subparagraphs (a) through (j) of Item 4 of Schedule 13D.

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 171,497,409 Common Shares outstanding as of September 19, 2024 (172,096,305 Common Shares outstanding, less 598,896 Common Shares held in treasury, as set forth in the last relevant update available on the date hereof in the “Stock Information” section of 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 October 9, 2024, Atlas beneficially owned 67,005,179 SDRs, which may be exchanged for Common Shares on a one-for-one basis and 2,230,932 Common Shares. Settlement for the Shares tendered in the Tender Offer was completed in accordance with the terms of the Tender Offer around September 2, 2024. 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 ownership of such shares. (c) Except as described in this Schedule 13D, the Reporting Persons have not effected any transactions in Common Shares during the past sixty days. (d) To the best knowledge of the Reporting Persons, no one other than

Material to

Item 7. Material to be filed as Exhibits. 1. Joint Filing Agreement.

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: October 11, 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: President of Iliad Holding SAS itself President of Atlas Investissement ILIAD HOLDING SAS By: /s/ Xavier Niel . Name: Xavier Niel Title: President XAVIER NIEL By: /s/ Xavier Niel . JULES NIEL By: /s/ Jules Niel Name: Jules Niel JOHN NIEL By: /s/ John Niel Name: John Niel XAVIER NIEL, FOR AND ON BEHALF OF AS PARENT/GUARDIAN OF ELISA NIEL By: /s/ Xavier Niel . Name: Xavier Niel Title: Attorney-in-Fact XAVIER NIEL, FOR AND ON BEHALF OF AS PARENT/GUARDIAN OF JOSEPH NIEL By: /s/ Xavier Niel . Name: Xavier Niel Title: Attorney-in-Fact

View Full Filing

View this SC 13D/A filing on SEC EDGAR