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[SCHEDULE 13D/A] Millicom International Cellular S.A. SEC Filing

Filing Impact
(Low)
Filing Sentiment
(Neutral)
Form Type
SCHEDULE 13D/A
Rhea-AI Filing Summary

Amendment No. 20 to Schedule 13D reports that Atlas Investissement SAS and related reporting persons beneficially own 70,470,018 Common Shares of Millicom International Cellular S.A., representing 42.2% of the 167,037,727 Common Shares outstanding used for the calculation. The filing updates entity structure following internal reorganizations completed on August 11, 2025, including renaming and a merger among holding entities.

The amendment also discloses that on August 11, 2025 Atlas Investissement entered into European-style call spread option transactions with Credit Agricole, Societe Generale and Natixis providing economic exposure in respect of up to 1,111,111 Common Shares per transaction, exercisable in 40 staggered tranches and settleable in shares or cash. Letter agreements are filed as Exhibits 22�24.

Emendamento n. 20 al Schedule 13D riporta che Atlas Investissement SAS e le persone correlate detengono beneficiariamente 70.470.018 azioni ordinarie di Millicom International Cellular S.A., pari al 42,2% delle 167.037.727 azioni ordinarie in circolazione prese in considerazione per il calcolo. La comunicazione aggiorna la struttura degli enti a seguito di riorganizzazioni interne completate il 11 agosto 2025, incluse rinominazioni e una fusione tra società di holding.

L'emendamento dichiara inoltre che il 11 agosto 2025 Atlas Investissement ha stipulato operazioni di opzione call spread di stile europeo con Credit Agricole, Société Générale e Natixis che conferiscono un'esposizione economica fino a 1.111.111 azioni ordinarie per operazione, esercitabili in 40 tranche scaglionate e liquidabili in azioni o in contanti. Gli accordi scritti sono depositati come Allegati 22�24.

Enmienda n.º 20 al Schedule 13D informa que Atlas Investissement SAS y las personas relacionadas poseen a efectos económicos 70.470.018 acciones ordinarias de Millicom International Cellular S.A., lo que representa el 42,2% de las 167.037.727 acciones ordinarias en circulación utilizadas para el cálculo. La presentación actualiza la estructura de entidades tras reorganizaciones internas completadas el 11 de agosto de 2025, incluyendo cambios de nombre y una fusión entre sociedades holding.

La enmienda también revela que el 11 de agosto de 2025 Atlas Investissement celebró operaciones de opciones tipo call spread europeas con Credit Agricole, Société Générale y Natixis que proporcionan exposición económica respecto de hasta 1.111.111 acciones ordinarias por operación, ejercitables en 40 tramos escalonados y liquidables en acciones o en efectivo. Los acuerdos por escrito se presentan como Anexos 22�24.

Schedule 13Dì—� 대í•� 수정ì•� ì �20í˜�ëŠ� Atlas Investissement SAS ë°� ê´€ë � ë³´ê³ ìžë“¤ì� Millicom International Cellular S.A.ì� 70,470,018 보통ì£�ë¥� 실질ì ìœ¼ë¡� 보유하고 있ìŒì� 보고하며, ì´ëŠ” 계산ì—� 사용ë� 167,037,727ì£� ì¤� 42.2%ì—� 해당합니ë‹�. 해당 제출서는 ë‚´ë¶€ 구조조정ì� 완료ë� 2025ë…� 8ì›� 11ì�ì� 기ì ìœ¼ë¡œ 명칭 ë³€ê²� ë°� 지주회ì‚� ê°„ì˜ í•©ë³‘ì� í¬í•¨í•� ë²•ì¸ êµ¬ì¡°ë¥� ì—…ë°ì´íŠ¸í•©ë‹ˆë‹�.

ìˆ˜ì •ì•ˆì€ ë˜í•œ Atlas Investissementê°€ 2025ë…� 8ì›� 11ì� Credit Agricole, Société Générale ë°� Natixis와 유럽í˜� ì½� 스프레드 옵션 거래ë¥� 체결하여 거래ë‹� 최대 1,111,111 보통ì£�ì—� 대í•� 경제ì � 노출ì� 제공하며, ì´ëŠ” 40ê°œì˜ ë‹¨ê³„ì � 트랜ì¹�ë¡� 행사 가능하ê³� ì£¼ì‹ ë˜ëŠ” 현금으로 ê²°ì œë� ìˆ� 있ìŒì� 공개합니ë‹�. 서면 í•©ì˜ì„œëŠ” ì¦ë¹™ì„œë¥˜ 22â€�24ë¡� 제출ë˜ì–´ 있습니다.

Avenant n°20 au Schedule 13D indique qu'Atlas Investissement SAS et les personnes déclarantes apparentées détiennent à titre bénéficiaire 70 470 018 actions ordinaires de Millicom International Cellular S.A., représentant 42,2% des 167 037 727 actions ordinaires en circulation retenues pour le calcul. Le dépôt met à jour la structure des entités suite à des réorganisations internes achevées le 11 août 2025, incluant des changements de nom et une fusion entre entités holding.

L'avenant révèle également que le 11 août 2025 Atlas Investissement a conclu des opérations d'options de type call spread de style européen avec Crédit Agricole, Société Générale et Natixis offrant une exposition économique pouvant porter sur jusqu'à 1 111 111 actions ordinaires par transaction, exerçables en 40 tranches échelonnées et réglables en actions ou en numéraire. Les accords écrits sont déposés en tant qu'Annexes 22�24.

Nachtrag Nr. 20 zu Schedule 13D berichtet, dass Atlas Investissement SAS und die zugehörigen meldenden Personen wirtschaftlich 70.470.018 Stammaktien von Millicom International Cellular S.A. besitzen, was 42,2% der für die Berechnung herangezogenen 167.037.727 ausstehenden Stammaktien entspricht. Die Einreichung aktualisiert die Unternehmensstruktur infolge interner Reorganisationen, die am 11. August 2025 abgeschlossen wurden, einschließlich Umbenennungen und einer Fusion zwischen Holdinggesellschaften.

Die Nachtragsmeldung legt ferner offen, dass Atlas Investissement am 11. August 2025 europäische Call-Spread-Optionstransaktionen mit Crédit Agricole, Société Générale und Natixis abgeschlossen hat, die für jede Transaktion eine wirtschaftliche Exponierung von bis zu 1.111.111 Stammaktien bieten, ausübbar in 40 abgestuften Tranchen und in Aktien oder bar abgerechnet werden können. Schriftliche Vereinbarungen sind als Anlagen 22�24 eingereicht.

Positive
  • Large disclosed stake: Reporting persons beneficially own 70,470,018 shares (42.2%) of Millicom based on 167,037,727 shares used for the calculation.
  • Transparency on reorganizations: Amendment clarifies internal transfers and renamings completed on August 11, 2025.
  • Documented derivative arrangements: Atlas Investissement entered into call spread transactions with Credit Agricole, Societe Generale and Natixis providing economic exposure up to 1,111,111 shares each; related letter agreements filed as Exhibits 22â€�24.
Negative
  • None.

Insights

TL;DR: Reporting group holds a large, disclosed block (42.2%) after internal reorganizations; amendment increases public transparency about derivative exposure.

The filing documents a substantial beneficial position of 70,470,018 shares (42.2%) and records internal corporate reorganizations finalized on August 11, 2025. These disclosures clarify which legal entities now hold the stake and who may be deemed to share beneficial ownership. The Schedule 13D amendment also supplements Item 4 and Item 6 to describe new option transactions, improving investor visibility into arrangements that create economic exposure separate from the disclosed beneficial ownership.

TL;DR: Atlas entered into European-style call spread transactions with three banks for capped economic exposure up to 1,111,111 shares each, exercisable in 40 tranches.

The amendment describes call spread option transactions executed on August 11, 2025 with Credit Agricole, Societe Generale and Natixis. Each transaction provides economic exposure in respect of up to 1,111,111 Common Shares, with premiums, strike and cap prices determined by formulas and subject to adjustments. The arrangements are exercisable in 40 separate tranches with staggered expirations and may be settled in Common Shares or cash. Letter agreements are filed as Exhibits 22�24 and are incorporated by reference.

Emendamento n. 20 al Schedule 13D riporta che Atlas Investissement SAS e le persone correlate detengono beneficiariamente 70.470.018 azioni ordinarie di Millicom International Cellular S.A., pari al 42,2% delle 167.037.727 azioni ordinarie in circolazione prese in considerazione per il calcolo. La comunicazione aggiorna la struttura degli enti a seguito di riorganizzazioni interne completate il 11 agosto 2025, incluse rinominazioni e una fusione tra società di holding.

L'emendamento dichiara inoltre che il 11 agosto 2025 Atlas Investissement ha stipulato operazioni di opzione call spread di stile europeo con Credit Agricole, Société Générale e Natixis che conferiscono un'esposizione economica fino a 1.111.111 azioni ordinarie per operazione, esercitabili in 40 tranche scaglionate e liquidabili in azioni o in contanti. Gli accordi scritti sono depositati come Allegati 22�24.

Enmienda n.º 20 al Schedule 13D informa que Atlas Investissement SAS y las personas relacionadas poseen a efectos económicos 70.470.018 acciones ordinarias de Millicom International Cellular S.A., lo que representa el 42,2% de las 167.037.727 acciones ordinarias en circulación utilizadas para el cálculo. La presentación actualiza la estructura de entidades tras reorganizaciones internas completadas el 11 de agosto de 2025, incluyendo cambios de nombre y una fusión entre sociedades holding.

La enmienda también revela que el 11 de agosto de 2025 Atlas Investissement celebró operaciones de opciones tipo call spread europeas con Credit Agricole, Société Générale y Natixis que proporcionan exposición económica respecto de hasta 1.111.111 acciones ordinarias por operación, ejercitables en 40 tramos escalonados y liquidables en acciones o en efectivo. Los acuerdos por escrito se presentan como Anexos 22�24.

Schedule 13Dì—� 대í•� 수정ì•� ì �20í˜�ëŠ� Atlas Investissement SAS ë°� ê´€ë � ë³´ê³ ìžë“¤ì� Millicom International Cellular S.A.ì� 70,470,018 보통ì£�ë¥� 실질ì ìœ¼ë¡� 보유하고 있ìŒì� 보고하며, ì´ëŠ” 계산ì—� 사용ë� 167,037,727ì£� ì¤� 42.2%ì—� 해당합니ë‹�. 해당 제출서는 ë‚´ë¶€ 구조조정ì� 완료ë� 2025ë…� 8ì›� 11ì�ì� 기ì ìœ¼ë¡œ 명칭 ë³€ê²� ë°� 지주회ì‚� ê°„ì˜ í•©ë³‘ì� í¬í•¨í•� ë²•ì¸ êµ¬ì¡°ë¥� ì—…ë°ì´íŠ¸í•©ë‹ˆë‹�.

ìˆ˜ì •ì•ˆì€ ë˜í•œ Atlas Investissementê°€ 2025ë…� 8ì›� 11ì� Credit Agricole, Société Générale ë°� Natixis와 유럽í˜� ì½� 스프레드 옵션 거래ë¥� 체결하여 거래ë‹� 최대 1,111,111 보통ì£�ì—� 대í•� 경제ì � 노출ì� 제공하며, ì´ëŠ” 40ê°œì˜ ë‹¨ê³„ì � 트랜ì¹�ë¡� 행사 가능하ê³� ì£¼ì‹ ë˜ëŠ” 현금으로 ê²°ì œë� ìˆ� 있ìŒì� 공개합니ë‹�. 서면 í•©ì˜ì„œëŠ” ì¦ë¹™ì„œë¥˜ 22â€�24ë¡� 제출ë˜ì–´ 있습니다.

Avenant n°20 au Schedule 13D indique qu'Atlas Investissement SAS et les personnes déclarantes apparentées détiennent à titre bénéficiaire 70 470 018 actions ordinaires de Millicom International Cellular S.A., représentant 42,2% des 167 037 727 actions ordinaires en circulation retenues pour le calcul. Le dépôt met à jour la structure des entités suite à des réorganisations internes achevées le 11 août 2025, incluant des changements de nom et une fusion entre entités holding.

L'avenant révèle également que le 11 août 2025 Atlas Investissement a conclu des opérations d'options de type call spread de style européen avec Crédit Agricole, Société Générale et Natixis offrant une exposition économique pouvant porter sur jusqu'à 1 111 111 actions ordinaires par transaction, exerçables en 40 tranches échelonnées et réglables en actions ou en numéraire. Les accords écrits sont déposés en tant qu'Annexes 22�24.

Nachtrag Nr. 20 zu Schedule 13D berichtet, dass Atlas Investissement SAS und die zugehörigen meldenden Personen wirtschaftlich 70.470.018 Stammaktien von Millicom International Cellular S.A. besitzen, was 42,2% der für die Berechnung herangezogenen 167.037.727 ausstehenden Stammaktien entspricht. Die Einreichung aktualisiert die Unternehmensstruktur infolge interner Reorganisationen, die am 11. August 2025 abgeschlossen wurden, einschließlich Umbenennungen und einer Fusion zwischen Holdinggesellschaften.

Die Nachtragsmeldung legt ferner offen, dass Atlas Investissement am 11. August 2025 europäische Call-Spread-Optionstransaktionen mit Crédit Agricole, Société Générale und Natixis abgeschlossen hat, die für jede Transaktion eine wirtschaftliche Exponierung von bis zu 1.111.111 Stammaktien bieten, ausübbar in 40 abgestuften Tranchen und in Aktien oder bar abgerechnet werden können. Schriftliche Vereinbarungen sind als Anlagen 22�24 eingereicht.






If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).






SCHEDULE 13D




Comment for Type of Reporting Person:
(1) Reflects 70,470,018 common shares, par value $1.50 per share ("Common Shares") of Millicom International Cellular S.A., a Luxembourg company (the "Issuer"), beneficially owned by Atlas Investissement SAS, a company incorporated under French law as a societe par actions simplifiee ("Atlas Investissement"). Iliad Holding SAS ("Iliad Holding"), as the controlling shareholder of Atlas Investissement, may be deemed to have shared beneficial ownership over the Common Shares beneficially owned by Atlas Investissement. Maya SAS ("Maya"), as the controlling shareholder of Iliad Holding, may be deemed to have shared beneficial ownership over the Common Shares beneficially owned by Iliad Holding and Atlas Investissement. Xavier Niel, the President of Maya, Jules Niel, John Niel, Elisa Niel and Joseph Niel (together, the "Niel Family") may be deemed to have shared beneficial ownership over the Common Shares beneficially owned by Atlas Investissement, Iliad Holding and Maya. (2) The percentage reflected in row 13 in the table above is calculated on the basis of 167,037,727 Common Shares outstanding as of June 30, 2025 (169,000,000 Common Shares outstanding, less 1,962,273 Common Shares held in treasury), as set forth in the last relevant update available on the date hereof on the Issuer's website.


SCHEDULE 13D




Comment for Type of Reporting Person:
(1) Reflects 70,470,018 Common Shares beneficially owned by Atlas Investissement. Iliad Holding, as the controlling shareholder of Atlas Investissement, may be deemed to have shared beneficial ownership over the Common Shares beneficially owned by Atlas Investissement. Maya, as the controlling shareholder of Iliad Holding, may be deemed to have shared beneficial ownership over the Common Shares beneficially owned by Iliad Holding and Atlas Investissement. The Niel Family may be deemed to have shared beneficial ownership over the Common Shares beneficially owned by Atlas Investissement, Iliad Holding and Maya. (2) The percentage reflected in row 13 in the table above is calculated on the basis of 167,037,727 Common Shares outstanding as of June 30, 2025 (169,000,000 Common Shares outstanding, less 1,962,273 Common Shares held in treasury), as set forth in the last relevant update available on the date hereof on the Issuer's website.


SCHEDULE 13D




Comment for Type of Reporting Person:
(1) Reflects 70,470,018 Common Shares beneficially owned by Atlas Investissement. Iliad Holding, as the controlling shareholder of Atlas Investissement, may be deemed to have shared beneficial ownership over the Common Shares beneficially owned by Atlas Investissement. Maya, as the controlling shareholder of Iliad Holding, may be deemed to have shared beneficial ownership over the Common Shares beneficially owned by Iliad Holding and Atlas Investissement. The Niel Family may be deemed to have shared beneficial ownership over the Common Shares beneficially owned by Atlas Investissement, Iliad Holding and Maya. (2) The percentage reflected in row 13 in the table above is calculated on the basis of 167,037,727 Common Shares outstanding as of June 30, 2025 (169,000,000 Common Shares outstanding, less 1,962,273 Common Shares held in treasury), as set forth in the last relevant update available on the date hereof on the Issuer's website.


SCHEDULE 13D




Comment for Type of Reporting Person:
(1) Reflects 70,470,018 Common Shares beneficially owned by Atlas Investissement. Iliad Holding, as the controlling shareholder of Atlas Investissement, may be deemed to have shared beneficial ownership over the Common Shares beneficially owned by Atlas Investissement. Maya, as the controlling shareholder of Iliad Holding, may be deemed to have shared beneficial ownership over the Common Shares beneficially owned by Iliad Holding and Atlas Investissement. The Niel Family may be deemed to have shared beneficial ownership over the Common Shares beneficially owned by Atlas Investissement, Iliad Holding and Maya. (2) The percentage reflected in row 13 in the table above is calculated on the basis of 167,037,727 Common Shares outstanding as of June 30, 2025 (169,000,000 Common Shares outstanding, less 1,962,273 Common Shares held in treasury), as set forth in the last relevant update available on the date hereof on the Issuer's website.


SCHEDULE 13D




Comment for Type of Reporting Person:
(1) Reflects 70,470,018 Common Shares beneficially owned by Atlas Investissement. Iliad Holding, as the controlling shareholder of Atlas Investissement, may be deemed to have shared beneficial ownership over the Common Shares beneficially owned by Atlas Investissement. Maya, as the controlling shareholder of Iliad Holding, may be deemed to have shared beneficial ownership over the Common Shares beneficially owned by Iliad Holding and Atlas Investissement. The Niel Family may be deemed to have shared beneficial ownership over the Common Shares beneficially owned by Atlas Investissement, Iliad Holding and Maya. (2) The percentage reflected in row 13 in the table above is calculated on the basis of 167,037,727 Common Shares outstanding as of June 30, 2025 (169,000,000 Common Shares outstanding, less 1,962,273 Common Shares held in treasury), as set forth in the last relevant update available on the date hereof on the Issuer's website.


SCHEDULE 13D




Comment for Type of Reporting Person:
(1) Reflects 70,470,018 Common Shares beneficially owned by Atlas Investissement. Iliad Holding, as the controlling shareholder of Atlas Investissement, may be deemed to have shared beneficial ownership over the Common Shares beneficially owned by Atlas Investissement. Maya, as the controlling shareholder of Iliad Holding, may be deemed to have shared beneficial ownership over the Common Shares beneficially owned by Iliad Holding and Atlas Investissement. The Niel Family may be deemed to have shared beneficial ownership over the Common Shares beneficially owned by Atlas Investissement, Iliad Holding and Maya. (2) The percentage reflected in row 13 in the table above is calculated on the basis of 167,037,727 Common Shares outstanding as of June 30, 2025 (169,000,000 Common Shares outstanding, less 1,962,273 Common Shares held in treasury), as set forth in the last relevant update available on the date hereof on the Issuer's website.


SCHEDULE 13D




Comment for Type of Reporting Person:
(1) Reflects 70,470,018 Common Shares beneficially owned by Atlas Investissement. Iliad Holding, as the controlling shareholder of Atlas Investissement, may be deemed to have shared beneficial ownership over the Common Shares beneficially owned by Atlas Investissement. Maya, as the controlling shareholder of Iliad Holding, may be deemed to have shared beneficial ownership over the Common Shares beneficially owned by Iliad Holding and Atlas Investissement. The Niel Family may be deemed to have shared beneficial ownership over the Common Shares beneficially owned by Atlas Investissement, Iliad Holding and Maya. (2) The percentage reflected in row 13 in the table above is calculated on the basis of 167,037,727 Common Shares outstanding as of June 30, 2025 (169,000,000 Common Shares outstanding, less 1,962,273 Common Shares held in treasury), as set forth in the last relevant update available on the date hereof on the Issuer's website.


SCHEDULE 13D




Comment for Type of Reporting Person:
(1) Reflects 70,470,018 Common Shares beneficially owned by Atlas Investissement. Iliad Holding, as the controlling shareholder of Atlas Investissement, may be deemed to have shared beneficial ownership over the Common Shares beneficially owned by Atlas Investissement. Maya, as the controlling shareholder of Iliad Holding, may be deemed to have shared beneficial ownership over the Common Shares beneficially owned by Iliad Holding and Atlas Investissement. The Niel Family may be deemed to have shared beneficial ownership over the Common Shares beneficially owned by Atlas Investissement, Iliad Holding and Maya. (2) The percentage reflected in row 13 in the table above is calculated on the basis of 167,037,727 Common Shares outstanding as of June 30, 2025 (169,000,000 Common Shares outstanding, less 1,962,273 Common Shares held in treasury), as set forth in the last relevant update available on the date hereof on the Issuer's website.


SCHEDULE 13D


Atlas Investissement SAS
Signature:/s/ Anthony Maarek
Name/Title:Anthony Maarek, Managing Director
Date:08/13/2025
Iliad Holding SAS
Signature:/s/ Xavier Niel
Name/Title:Xavier Niel, President of Maya SAS, itself President of Iliad
Date:08/13/2025
Maya SAS
Signature:/s/ Xavier Niel
Name/Title:Xavier Niel, President
Date:08/13/2025
Xavier Niel
Signature:/s/ Xavier Niel
Name/Title:Xavier Niel
Date:08/13/2025
Jules Niel
Signature:/s/ Jules Niel
Name/Title:Jules Niel
Date:08/13/2025
John Niel
Signature:/s/ John Niel
Name/Title:John Niel
Date:08/13/2025
Elisa Niel
Signature:/s/ Xavier Niel
Name/Title:Xavier Niel, Attorney-in-Fact, for and on behalf of as Parent/Guardian of Elisa Niel
Date:08/13/2025
Joseph Niel
Signature:/s/ Xavier Niel
Name/Title:Xavier Niel, Attorney-in-Fact, for and on behalf of as Parent/Guardian of Joseph Niel
Date:08/13/2025

FAQ

How many Millicom (TIGO) shares does the reporting group beneficially own?

The reporting persons beneficially own 70,470,018 Common Shares, representing 42.2% based on 167,037,727 shares used for the calculation.

What derivative transactions were disclosed in the Schedule 13D/A?

On August 11, 2025 Atlas Investissement entered into European-style call spread option transactions with Credit Agricole, Societe Generale and Natixis providing economic exposure in respect of up to 1,111,111 Common Shares each, exercisable in 40 staggered tranches.

Can the disclosed call spread transactions be settled in shares for TIGO?

Yes. The amendment states the Transactions can be settled in Common Shares or cash subject to certain conditions.

Were there internal reorganizations among the reporting entities?

Yes. As of August 11, 2025, Atlas Investissement was transferred under Holdco II, Iliad Holding was renamed Maya SAS, Holdco II was renamed Iliad Holding, and Atlas SAS merged into Atlas Investissement SAS.

Where are the letter agreements for the option transactions filed?

The Letter Agreements on Share Option Transaction are filed as Exhibits 22, 23 and 24 to the Schedule 13D/A.
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