Billionaire Xavier Niel Bids for Millicom Buyout

Xavier Niel, through his investment firm Atlas Luxco, has made a $4.1 billion bid to buy out other shareholders of Millicom International Cellular at $24 per share, a move that has been met with resistance from Millicom's board citing undervaluation. Niel's Atlas Investissement already owns 29% of Millicom and aims to expand his telecom empire centered around the Latin American operator. The bid, simultaneously launched in the US and Sweden, has sparked discussions regarding the fairness of the offer and the strategic direction for Millicom. Niel, a seasoned telecom entrepreneur, sees potential in Millicom's operations across Latin America, aiming to leverage its growth and scale within his telecom group beyond Europe. The offer, which has caused Millicom's shares to rise, is fully financed by Atlas and bank funding, positioning Niel to potentially acquire the remaining stake in the company.