Xavier Niel, the billionaire owner of French telecoms group Illiad has increased his stake in Millicom to 19.6% through his investment company Atlas Investissement.
Atlas revealed the news in a statement released yesterday (Feb 14) but did not reveal how much it spent to acquire the shares. According to Refinitiv data this makes Niel, Millicom’s largest shareholder, reported Reuters.
Based on Millicom’s total market capitalisation the shares are worth around US$700 million. Atlas last revealed it had acquired a 7% stake in Millicom and at the time labelled Millicom as an “attractive investment opportunity”.
Latam-focused Millicom recently posted positive revenues in its recent full-year financial results but saw a hit to net profits due to its Guatemala unit acquisition.
