News
The news comes after Millicom abandoned acquisition talks with Apollo Global Management and Claure Group last year
French billionaire Xavier Niel is exploring the acquisition of Latin American telco group Millicom, which has been confirmed by both parties and a regulatory filing today.
The Millicom Board of Directors released a statement yesterday confirming that it has received a non-binding expression of interest from Atlas Investissement, which already has a 29% stake in the company and is owned by Niel’s NJJ Holdings. Atlas also released a statement confirming it is “exploring a potential all cash tender offer for Millicom securities”.
Atlas’s current offer stands at $24 per share, giving the deal value of around $4.1 billion.
Millicom’s statement said it would “carefully review any offer, should one be made.”
Millicom operates under the brand name Tigo, and this quarter has seen revenue increase 8.6% year-on-year to $1,487 million. In a press release, CEO Mauricio Ramos confirmed that he is “very pleased to report that 2024 is off to a good start.”
Atlas is currently Millicom’s largest shareholder and has previously described it as an “attractive investment” due to its strong position as a regional market leader in Latin America, with 41 million mobile customers.
Atlas first acquired a 7% stake in Millicom in November 2022 and has gradually increased it to roughly 29.1% today, according to the company’s website.
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