Atlas Investissement (TIGO) ups Millicom exposure via derivatives to 46.7%

Rhea-AI Filing Summary

Atlas Investissement SAS and related parties filed Amendment No. 28 to their Schedule 13D on Millicom International Cellular S.A. (TIGO), updating their ownership and derivatives structure. They report beneficial ownership of 78,320,018 Common Shares, representing 46.7% of the class, based on 167,707,493 shares outstanding as of May 31, 2026.

The filing explains that this figure reflects 77,070,018 shares already beneficially owned plus up to 1,250,000 additional shares Atlas Investissement expects to purchase on June 29, 2026 under Amended Equity Derivative Transaction Agreements with a bank. The amendment also increases the maximum equity notional, moves final maturity of these derivative agreements to June 29, 2026, and records an irrevocable election for cash settlement on separate European-style call spread option transactions.

Key Figures

Beneficial ownership: 78,320,018 shares Ownership percentage: 46.7% Current owned shares: 77,070,018 shares +5 more

8 metrics

Beneficial ownership 78,320,018 shares Common Shares beneficially owned by reporting persons

Ownership percentage 46.7% Percent of Millicom Common Shares represented by 78,320,018 shares

Current owned shares 77,070,018 shares Common Shares already beneficially owned by Atlas Investissement

Additional shares expected 1,250,000 shares Common Shares expected to be purchased on June 29, 2026

Shares outstanding 167,707,493 shares Millicom Common Shares outstanding as of May 31, 2026

Gross outstanding shares 169,000,000 shares Total Millicom Common Shares outstanding before deducting treasury shares

Treasury shares 1,292,507 shares Millicom Common Shares held in treasury

Derivative maturity date June 29, 2026 Final maturity under Amended Equity Derivative Transaction Agreements

Key Terms

beneficial ownership, Equity Derivative Transaction, Amended Equity Derivative Transaction Agreements, call spread option transactions, +2 more

6 terms

beneficial ownership financial

"Aggregate amount beneficially owned by each reporting person 78,320,018.00"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

Equity Derivative Transaction financial

"Atlas Investissement amended the New Equity Derivative Transaction through the entry into an amendment agreement"

Amended Equity Derivative Transaction Agreements financial

"relating to the Amended Equity Derivative Transaction Agreements with an unaffiliated third party financial institution"

call spread option transactions financial

"cash settlement for the three European-style call spread option transactions contemplated under each of the respective Letter Agreements"

cash settlement financial

"Atlas Investissement has irrevocably elected cash settlement for the three European-style call spread option transactions"

Cash settlement is a process where, instead of exchanging physical assets like stocks or commodities, the parties involved settle the difference in value with money after a contract ends. For investors, it simplifies transactions by avoiding the need to handle or deliver the actual asset, making it quicker and more convenient to complete trades. This method ensures a straightforward way to settle agreements based on their final value.

treasury financial

"169,000,000 Common Shares outstanding, less 1,292,507 Common Shares held in treasury"

The treasury is the department or area within a government or organization responsible for managing its money, finances, and financial strategies. It handles tasks like collecting revenue, paying bills, and planning for future financial needs, much like a household manages its budget. For investors, understanding the treasury is important because it influences interest rates, government spending, and overall economic stability.

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Available on EDGAR 06/23/2026 - 04:30 PM Accepted by SEC EDGAR 06/23/2026 - 04:30 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 28)

MILLICOM INTERNATIONAL CELLULAR SA

(Name of Issuer)

Common Shares

(Title of Class of Securities)

L6388F110

(CUSIP Number)

Denis Klimentchenko
Skadden, Arps, Slate, Meagher & Flom, (UK) LLP, 22 Bishopsgate
London, X0, EC2N 4BQ
44(0)20 7519 7289

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

06/18/2026

(Date of Event Which Requires Filing of This Statement)

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).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): L6388F110

1

Name of reporting person

Atlas Investissement SAS

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

FRANCE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 78,320,018.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 78,320,018.00

11

Aggregate amount beneficially owned by each reporting person

78,320,018.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

46.7 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

(1) Reflects 77,070,018 common shares, par value $1.50 per share ("Common Shares") of Millicom International Cellular S.A., a Luxembourg company (the "Issuer"), referred to herein on the same basis as disclosed in Amendment Nos. 26 and 27 to the Schedule 13D, beneficially owned by Atlas Investissement SAS, a company incorporated under French law as a societe par actions simplifiee ("Atlas Investissement"), plus 1,250,000 additional Common Shares that Atlas Investissement expects to purchase under the Amended Equity Derivative Transaction Agreements (as defined in Item 4 below) on June 29, 2026. 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 167,707,493 Common Shares outstanding as of May 31, 2026 (169,000,000 Common Shares outstanding, less 1,292,507 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

CUSIP Number(s): L6388F110

1

Name of reporting person

Iliad Holding SAS

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

FRANCE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 78,320,018.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 78,320,018.00

11

Aggregate amount beneficially owned by each reporting person

78,320,018.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

46.7 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

(1) Reflects 77,070,018 Common Shares, referred to herein on the same basis as disclosed in Amendment Nos. 26 and 27 to the Schedule 13D, beneficially owned by Atlas Investissement, plus 1,250,000 additional Common Shares that Atlas Investissement expects to purchase under the Amended Equity Derivative Transaction Agreements on June 29, 2026. 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 167,707,493 Common Shares outstanding as of May 31, 2026 (169,000,000 Common Shares outstanding, less 1,292,507 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

CUSIP Number(s): L6388F110

1

Name of reporting person

Maya SAS

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

FRANCE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 78,320,018.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 78,320,018.00

11

Aggregate amount beneficially owned by each reporting person

78,320,018.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

46.7 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

(1) Reflects 77,070,018 Common Shares, referred to herein on the same basis as disclosed in Amendment Nos. 26 and 27 to the Schedule 13D, beneficially owned by Atlas Investissement, plus 1,250,000 additional Common Shares that Atlas Investissement expects to purchase under the Amended Equity Derivative Transaction Agreements on June 29, 2026. 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 167,707,493 Common Shares outstanding as of May 31, 2026 (169,000,000 Common Shares outstanding, less 1,292,507 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

CUSIP Number(s): L6388F110

1

Name of reporting person

Xavier Niel

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

FRANCE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 78,320,018.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 78,320,018.00

11

Aggregate amount beneficially owned by each reporting person

78,320,018.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

46.7 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

(1) Reflects 77,070,018 Common Shares, referred to herein on the same basis as disclosed in Amendment Nos. 26 and 27 to the Schedule 13D, beneficially owned by Atlas Investissement, plus 1,250,000 additional Common Shares that Atlas Investissement expects to purchase under the Amended Equity Derivative Transaction Agreements on June 29, 2026. 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 167,707,493 Common Shares outstanding as of May 31, 2026 (169,000,000 Common Shares outstanding, less 1,292,507 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

CUSIP Number(s): L6388F110

1

Name of reporting person

Jules Niel

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

FRANCE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 78,320,018.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 78,320,018.00

11

Aggregate amount beneficially owned by each reporting person

78,320,018.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

46.7 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

(1) Reflects 77,070,018 Common Shares, referred to herein on the same basis as disclosed in Amendment Nos. 26 and 27 to the Schedule 13D, beneficially owned by Atlas Investissement, plus 1,250,000 additional Common Shares that Atlas Investissement expects to purchase under the Amended Equity Derivative Transaction Agreements on June 29, 2026. 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 167,707,493 Common Shares outstanding as of May 31, 2026 (169,000,000 Common Shares outstanding, less 1,292,507 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

CUSIP Number(s): L6388F110

1

Name of reporting person

John Niel

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

FRANCE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 78,320,018.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 78,320,018.00

11

Aggregate amount beneficially owned by each reporting person

78,320,018.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

46.7 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

(1) Reflects 77,070,018 Common Shares, referred to herein on the same basis as disclosed in Amendment Nos. 26 and 27 to the Schedule 13D, beneficially owned by Atlas Investissement, plus 1,250,000 additional Common Shares that Atlas Investissement expects to purchase under the Amended Equity Derivative Transaction Agreements on June 29, 2026. 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 167,707,493 Common Shares outstanding as of May 31, 2026 (169,000,000 Common Shares outstanding, less 1,292,507 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

CUSIP Number(s): L6388F110

1

Name of reporting person

Elisa Niel

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

FRANCE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 78,320,018.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 78,320,018.00

11

Aggregate amount beneficially owned by each reporting person

78,320,018.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

46.7 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

(1) Reflects 77,070,018 Common Shares, referred to herein on the same basis as disclosed in Amendment Nos. 26 and 27 to the Schedule 13D, beneficially owned by Atlas Investissement, plus 1,250,000 additional Common Shares that Atlas Investissement expects to purchase under the Amended Equity Derivative Transaction Agreements on June 29, 2026. 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 167,707,493 Common Shares outstanding as of May 31, 2026 (169,000,000 Common Shares outstanding, less 1,292,507 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

CUSIP Number(s): L6388F110

1

Name of reporting person

Joseph Niel

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

FRANCE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 78,320,018.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 78,320,018.00

11

Aggregate amount beneficially owned by each reporting person

78,320,018.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

46.7 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

(1) Reflects 77,070,018 Common Shares, referred to herein on the same basis as disclosed in Amendment Nos. 26 and 27 to the Schedule 13D, beneficially owned by Atlas Investissement, plus 1,250,000 additional Common Shares that Atlas Investissement expects to purchase under the Amended Equity Derivative Transaction Agreements on June 29, 2026. 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 167,707,493 Common Shares outstanding as of May 31, 2026 (169,000,000 Common Shares outstanding, less 1,292,507 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

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares
(b)	Name of Issuer: MILLICOM INTERNATIONAL CELLULAR SA
(c)	Address of Issuer's Principal Executive Offices: 8400 NW 36th Street, Suite 530, Doral, FLORIDA , 33166.
Item 1 Comment: This Amendment No. 28 ("Amendment No. 28") to Schedule 13D relates to the Common Shares, par value $1.50 per share (the "Common Shares"), of Millicom International Cellular S.A., a Luxembourg company ("Issuer"), and amends and supplements the initial statement on Schedule 13D filed on February 24, 2023, as previously amended (as so amended, the "Schedule 13D"). Capitalized terms used but not defined in this Amendment No. 28 shall have the same meanings ascribed to them in the Schedule 13D.
Item 3.	Source and Amount of Funds or Other Consideration
	Item 3 of the Schedule 13D is hereby amended and supplemented by adding the following: The New Equity Derivative Transaction, as amended by the Amendment Agreement (both as defined in Item 4 below), is expected to be funded either with the proceeds to be drawn further to a future amendment with a view to upsizing the equity financing transaction with unaffiliated third party financial institutions, as disclosed in Amendment No. 27 to the Schedule 13D, or by funds borrowed from one of the affiliates of Atlas Investissement.
Item 4.	Purpose of Transaction
	Item 4 of the Schedule 13D is hereby amended and supplemented by adding the following: On June 18, 2026, Atlas Investissement amended the New Equity Derivative Transaction (as defined and described in Amendment No. 27 to the Schedule 13D) through the entry into an amendment agreement (the "Amendment Agreement") relating to the Amended Equity Derivative Transaction Agreements (as defined and described in Amendment No. 27 to the Schedule 13D) with an unaffiliated third party financial institution (the "Bank"). Under the New Equity Derivative Transaction as amended by the Amendment Agreement, Atlas Investissement expects to purchase up to an additional 1,250,000 Common Shares on June 29, 2026. The actual timing and the number of Common Shares to be purchased under such transaction will be determined based on the hedging position of the Bank in accordance with certain parameters of the Amended Equity Derivative Transaction Agreements. The Amendment Agreement also increased the applicable maximum equity notional amount under the Amended Equity Derivative Transaction Agreements, which is intended to help Atlas Investissement purchase the maximum number of Common Shares under the Original Equity Derivative Transaction (as defined and described in Amendment No. 27 to the Schedule 13D) and the New Equity Derivative Transaction as planned. In addition, the Amendment Agreement amended the final maturity date under the Amended Equity Derivative Transaction Agreements to June 29, 2026. Except as described in this Item 4, the material terms of the Amended Equity Derivative Transaction Agreements governing the Original Equity Derivative Transaction and the New Equity Derivative Transaction remain the same as previously disclosed in Amendment Nos. 26 and 27 to the Schedule 13D. The foregoing description of the Amendment Agreement is qualified in its entirety by reference to the text of the Amendment Agreement, a copy of which is filed as exhibit to this Amendment No. 28 and incorporated herein by reference. Separately from the above, on June 23, 2026, Atlas Investissement has irrevocably elected cash settlement for the three European-style call spread option transactions contemplated under each of the respective Letter Agreements on Share Option Transaction (as defined and described in Amendment No. 20 to the Schedule 13D).
Item 5.	Interest in Securities of the Issuer
(a)	See Items 11 and 13 of each of the cover pages.
(b)	See Items 7 through 10 of each of the cover pages.
(c)	Except as described in Item 4 above, the Reporting Persons did not effect any transactions in Common Shares during the past 60 days.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Item 6 of the Schedule 13D is hereby amended and supplemented as follows: The information set forth in Item 4 of this Amendment No. 28 is incorporated herein by reference.
Item 7.	Material to be Filed as Exhibits.
	Item 7 of the Schedule 13D is hereby amended by adding the following exhibits: 63. Amendment Agreement, dated June 18, 2026, by and between Atlas Investissement SAS and Societe Generale

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Atlas Investissement SAS

Signature:	/s/ Xavier de Neuville
Name/Title:	Xavier de Neuville, Managing Director
Date:	06/23/2026

Iliad Holding SAS

Signature:	/s/ Xavier Niel
Name/Title:	Xavier Niel, President of Maya SAS, itself President of Iliad Holding SAS
Date:	06/23/2026

Maya SAS

Signature:	/s/ Xavier Niel
Name/Title:	Xavier Niel, President
Date:	06/23/2026

Xavier Niel

Signature:	/s/ Xavier Niel
Name/Title:	Xavier Niel
Date:	06/23/2026

Jules Niel

Signature:	/s/ Jules Niel
Name/Title:	Jules Niel
Date:	06/23/2026

John Niel

Signature:	/s/ John Niel
Name/Title:	John Niel
Date:	06/23/2026

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:	06/23/2026

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:	06/23/2026

FAQ

What ownership stake in Millicom (TIGO) does Atlas Investissement now report?

Atlas Investissement and related parties report beneficial ownership of 78,320,018 Millicom Common Shares, equal to 46.7% of the outstanding class. This percentage is calculated against 167,707,493 shares outstanding as of May 31, 2026, excluding treasury shares.

How many additional Millicom (TIGO) shares may Atlas Investissement acquire under the new derivative terms?

Atlas Investissement expects to purchase up to 1,250,000 additional Millicom Common Shares on June 29, 2026 under the Amended Equity Derivative Transaction Agreements. The actual number and timing depend on the hedging position of the unaffiliated bank counterparty.

What change did Amendment No. 28 make to Atlas Investissement’s equity derivative maturity on Millicom (TIGO)?

The Amendment Agreement revised the final maturity date under the Amended Equity Derivative Transaction Agreements to June 29, 2026. This aligns the derivatives’ timeline with the expected date for purchasing up to 1,250,000 additional Millicom shares.

How was the 46.7% ownership percentage in Millicom (TIGO) calculated in this filing?

The 46.7% stake is based on 167,707,493 Millicom Common Shares outstanding as of May 31, 2026. That figure comes from 169,000,000 shares outstanding, less 1,292,507 shares held in treasury, as disclosed on the issuer’s website.

Which parties are grouped with Atlas Investissement in this Millicom (TIGO) Schedule 13D/A amendment?

The filing lists Atlas Investissement SAS, Iliad Holding SAS, Maya SAS and members of the Niel Family (Xavier, Jules, John, Elisa, and Joseph Niel) as reporting persons, each shown with shared voting and dispositive power over 78,320,018 Millicom shares.

What did Atlas Investissement elect regarding certain Millicom (TIGO) call spread options?

On June 23, 2026, Atlas Investissement irrevocably elected cash settlement for three European-style call spread option transactions described in prior Letter Agreements. These options are separate from the Amended Equity Derivative Transaction Agreements referenced in the amendment.