Xavier Niel Increases Stake in Millicom International Cellular to 24.18 Percent

French billionaire Xavier Niel has recently raised his stake in Millicom International Cellular (MIC) to 24.18 percent, according to a filing with the US Securities and Exchange Commission (SEC) on May 25, 2023. Niel, who is also the owner of Iliad, initially secured a 6.99 percent stake in the company through Atlas Investissement on October 27, 2022. However, the entire stake is now held by his holding company, Atlas Luxco.

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Niel’s Growing Stake: From 6.99 to 24.18 Percent

The filing indicates that Atlas Luxco currently holds 41,406,070 Swedish Depositary Receipts (SDRs), which can be exchanged for common shares of Millicom. The exchange rate is set at one SDR for one share, with a value of USD 1.50 per share. With this increase in stake, Xavier Niel’s ownership in Millicom has reached 24.18 percent.

This is not the first time Xavier Niel has boosted his ownership in the Luxembourg-based telecommunications firm. In February 2023, he already increased his stake in Millicom to 19.6 percent. Niel’s continued investment in Millicom highlights his confidence in the company’s prospects and his strategic interest in the Latin American telecommunications market.

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Millicom, which operates its Tigo-branded operations in Latin America, offers both fixed and mobile telecommunications services across the region. The company plays a significant role in connecting communities and driving digital transformation in Central and South America.