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Xavier Niel’s Atlas Investissement Makes $4.1 Billion Bid to Acquire Millicom

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French telecom magnate Xavier Niel, through his investment firm Atlas Investissement, has offered $4.1 billion to buy out Millicom. This Luxembourg-based operator, focused on Latin America under the Tigo brand, serves over 50 million subscribers across several countries, including Bolivia and Colombia. Millicom generated $5.6 billion in sales last year.

Atlas already holds a 29% stake in Millicom and initially expressed buyout interest in May. Atlas announced a $24 per share cash offer. However, Millicom’s independent board committee rejected the offer, deeming it too low given Millicom’s future financial outlook. Despite mixed performance in Latin America amid economic volatility, Atlas aims to enhance Millicom’s network reach and distribution capabilities.

“Atlas wants to continue expanding the reach and capacity of Millicom’s networks and distribution capabilities to grow its customer base and better leverage its comprehensive telecom expertise,” Atlas said in a statement.

Millicom’s recent projects include a partnership with Parallel Wireless to implement Open Radio Access Network (Open RAN) in Colombia, aiming to expand 4G service in rural areas. This strategic direction demonstrates Millicom’s commitment to technological advancements and expanding service coverage.

Xavier Niel, also the founder of Iliad Group, leads the charge to acquire full control of Millicom. This move may signify further market consolidation and strategic expansion in the telecom industry, particularly in Latin America where demand for advanced connectivity solutions continues to grow.

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