Skadden and BLP advise Xavier Niel and Atlas Investissement in their successful tender offer for Millicom / Tigo

Skadden, Arps, Slate, Meagher & Flom advised Xavier Niel and his investment vehicle, Atlas Investissement, on their takeover bid for Millicom International Cellular S.A., a leading telecommunications company headquartered in Luxembourg, listed on NASDAQ in New York and Stockholm, and operating under the Tigo brand in nine countries in Latin America (Colombia, Guatemala, Bolivia, Nicaragua, Panama, El Salvador, Paraguay, Costa Rica and Honduras).

Atlas Investissement has successfully completed its public offer, increasing its stake to over 40% of Millicom’s share capital and voting rights. This transaction, which follows two tender offers launched in the United States and Sweden at a price of $24 per share, later increased to $25.75 per share values Millicom at $4.4 billion.

The strategic acquisition solidifies Xavier Niel’s position as Millicom’s largest shareholder, expanding his previous stake of around 29% and marks a strategic expansion of his investment portfolio in the telecommunications sector.

This is the first significant investment by a French group in the Latin American telecommunications sector, underscoring the importance of the region for global investors.

By expanding its ownership in Millicom, Atlas Investissement further strengthens its influence in the Latin American telecom market, reinforcing Millicom’s growth potential across its key markets.

The Skadden team advising on this landmark transaction was led by M&A partner Arash Attar-Rezvani and included Patrick Dupuis, counsel, Alexandre Salvanet, and Eva Labbé