Millicom (TIGO) major holder details 49.5% stake and new equity derivative deals

Rhea-AI Filing Summary

Atlas Investissement SAS and related parties report updated ownership of Millicom International Cellular S.A., showing beneficial holdings of 82,982,244 common shares, or 49.5% of the outstanding class, as of a base of 167,707,493 shares.

Atlas increased its secured equity financing capacity by about USD 360.8 million through amended and additional transactions with several banks, secured by Millicom shares. On June 29, 2026, it physically settled prior equity derivative deals, acquiring 6,512,226 shares for an aggregate purchase price of approximately USD 522.4 million, funded with proceeds from these financings. Atlas also entered into a new June equity derivative transaction under which it expects to purchase up to 6,000,000 additional shares on or before September 29, 2026, via physically settled deliveries from a bank counterparty.

Insights

Equity ownership & derivatives specialist

Large shareholder cements near-50% stake using leveraged equity derivatives.

Atlas Investissement and related entities now report beneficial ownership of 82,982,244 Millicom shares, or 49.5% of the class. This reflects both directly held shares and those expected to be acquired under equity derivative arrangements.

The group upsized its secured equity financing by about USD 360,758,674, using prepaid forwards and equity swaps with multiple banks, all secured by Millicom shares. It then physically settled earlier derivative transactions, acquiring 6,512,226 shares for roughly USD 522,390,837, funded from these facilities.

A new June equity derivative transaction could add up to 6,000,000 more shares by September 29, 2026, with balances intended to be physically settled. Overall, this filing highlights continued use of structured equity financing to build and maintain a substantial, near-control position, while detailed economics and future actions will depend on how the derivative terms play out over time.

Key Figures

Beneficially owned shares: 82,982,244 shares Ownership percentage: 49.5% of class Shares outstanding: 167,707,493 shares +5 more

8 metrics

Beneficially owned shares 82,982,244 shares Common shares beneficially owned by reporting persons

Ownership percentage 49.5% of class Based on 167,707,493 shares outstanding as of May 31, 2026

Shares outstanding 167,707,493 shares Issuer’s common shares outstanding as of May 31, 2026, excluding treasury

Financing upsize amount USD 360,758,674 Additional maximum amount available under amended and additional equity financing

Shares acquired via physical settlement 6,512,226 shares Total Millicom shares acquired under original and new equity derivative transactions

Aggregate purchase price USD 522,390,837 Total paid for 6,512,226 shares, excluding commissions and interest

June Equity Derivative cap Up to 6,000,000 shares Maximum Millicom shares expected to be purchased by September 29, 2026

Par value per share $1.50 per share Par value of Millicom common shares referenced in the filing

Key Terms

secured equity financing transaction, prepaid forwards, equity swaps, physically settled, +2 more

6 terms

secured equity financing transaction financial

"constitute a secured equity financing transaction based on the value of Common Shares owned by Atlas Investissement"

prepaid forwards financial

"entered into transactions consisting each of prepaid forwards and equity swaps that together constitute a secured equity financing transaction"

A prepaid forward is a contract where an investor pays cash now in exchange for receiving a specified number of shares at a later date, rather than buying or selling the shares immediately. It matters because it lets holders convert stock into cash or lock in a future delivery while delaying tax or sale recognition, and can affect a company’s future share supply and investor returns much like arranging a delayed trade.

equity swaps financial

"entered into transactions consisting each of prepaid forwards and equity swaps that together constitute a secured equity financing transaction"

physically settled financial

"All balances will be exclusively physically settled, absent any extraordinary event, at the scheduled settlement dates"

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.

beneficial ownership financial

"Aggregate amount beneficially owned by each reporting person 82,982,244.00"

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.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Available on EDGAR 06/29/2026 - 05:56 PM Accepted by SEC EDGAR 06/29/2026 - 05:55 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. 29)

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)

06/25/2026

(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)

BK, 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 82,982,244.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 82,982,244.00

11

Aggregate amount beneficially owned by each reporting person

82,982,244.00

12

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

13

Percent of class represented by amount in Row (11)

49.5 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

(1) Reflects 76,982,244 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"), plus 6,000,000 additional Common Shares that Atlas Investissement expects to purchase under the Equity Derivative Transaction Agreements (as defined in Item 4 below) on or before September 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 82,982,244.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 82,982,244.00

11

Aggregate amount beneficially owned by each reporting person

82,982,244.00

12

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

13

Percent of class represented by amount in Row (11)

49.5 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

(1) Reflects 76,982,244 Common Shares beneficially owned by Atlas Investissement, plus 6,000,000 additional Common Shares that Atlas Investissement expects to purchase under the Equity Derivative Transaction Agreements on or before September 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 82,982,244.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 82,982,244.00

11

Aggregate amount beneficially owned by each reporting person

82,982,244.00

12

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

13

Percent of class represented by amount in Row (11)

49.5 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

(1) Reflects 76,982,244 Common Shares beneficially owned by Atlas Investissement, plus 6,000,000 additional Common Shares that Atlas Investissement expects to purchase under the Equity Derivative Transaction Agreements on or before September 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 82,982,244.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 82,982,244.00

11

Aggregate amount beneficially owned by each reporting person

82,982,244.00

12

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

13

Percent of class represented by amount in Row (11)

49.5 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

(1) Reflects 76,982,244 Common Shares beneficially owned by Atlas Investissement, plus 6,000,000 additional Common Shares that Atlas Investissement expects to purchase under the Equity Derivative Transaction Agreements on or before September 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 82,982,244.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 82,982,244.00

11

Aggregate amount beneficially owned by each reporting person

82,982,244.00

12

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

13

Percent of class represented by amount in Row (11)

49.5 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

(1) Reflects 76,982,244 Common Shares beneficially owned by Atlas Investissement, plus 6,000,000 additional Common Shares that Atlas Investissement expects to purchase under the Equity Derivative Transaction Agreements on or before September 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 82,982,244.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 82,982,244.00

11

Aggregate amount beneficially owned by each reporting person

82,982,244.00

12

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

13

Percent of class represented by amount in Row (11)

49.5 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

(1) Reflects 76,982,244 Common Shares beneficially owned by Atlas Investissement, plus 6,000,000 additional Common Shares that Atlas Investissement expects to purchase under the Equity Derivative Transaction Agreements on or before September 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 82,982,244.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 82,982,244.00

11

Aggregate amount beneficially owned by each reporting person

82,982,244.00

12

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

13

Percent of class represented by amount in Row (11)

49.5 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

(1) Reflects 76,982,244 Common Shares beneficially owned by Atlas Investissement, plus 6,000,000 additional Common Shares that Atlas Investissement expects to purchase under the Equity Derivative Transaction Agreements on or before September 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 82,982,244.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 82,982,244.00

11

Aggregate amount beneficially owned by each reporting person

82,982,244.00

12

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

13

Percent of class represented by amount in Row (11)

49.5 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

(1) Reflects 76,982,244 Common Shares beneficially owned by Atlas Investissement, plus 6,000,000 additional Common Shares that Atlas Investissement expects to purchase under the Equity Derivative Transaction Agreements on or before September 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. 29 ("Amendment No. 29") 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. 29 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: Financing Upsize On June 25, 2026, Atlas Investissement entered into: (i) four separate amendment and restatement agreements (each an "Second Amendment Agreement" and the resulting transactions thereunder the "Amended Transactions") with the four unaffiliated third party financial institutions who were the counterparties to the original secured equity financing transaction described in Amendment No. 24 to the Schedule 13D, as amended and described in Amendment No. 27 to the Schedule 13D (the "Original Equity Financing Transactions"); and (ii) two separate master agreements (each, an "Additional Master Agreement") together with related confirmations (such resulting transactions thereunder the "Additional Transactions") with two unaffiliated third party financial institutions, pursuant to which Atlas Investissement entered into transactions consisting each of prepaid forwards and equity swaps that together constitute a secured equity financing transaction based on the value of Common Shares owned by Atlas Investissement (and including margin call mechanisms), on substantially similar terms as the Amended Transactions referred to in the paragraph above. Pursuant to such Second Amendment Agreements together with the Additional Master Agreements, the maximum amount available to Atlas Investissement under the Amended Transactions and the Additional Transactions was further increased by an aggregate of approximately USD 360,758,674 compared to the position resulting from the Original Equity Financing Transactions as described in Amendment No. 27 to the Schedule 13D, and made available to Atlas Investissement on June 26, 2026 (the "Second Upsize Transactions" and, further to the above taken together, the "Equity Financing Transactions"). Accordingly, the corresponding documentation relating to each such outstanding Original Equity Financing Transaction as described in Amendment No. 27 to the Schedule 13D was amended for the purposes of implementing the Second Upsize Transactions, such documentation otherwise remaining on substantially the same terms as that filed in Amendment No. 27 to the Schedule 13D. The purpose of the amounts to be drawn relating to such Second Upsize Transactions is limited to: (i) pursuant to the transactions under each Second Amendment Agreement only, the payment (pursuant to each Second Amendment Agreement) of the amounts due as a result of the early unwind of the original transactions, (ii) the payment of amounts due in connection with the settlement of all amounts due under the original Equity Derivative Transaction (as such term is defined in Amendment No. 26 to the Schedule 13D, the "Original Equity Derivative Transaction") and the New Equity Derivative Transaction (as such term is defined in Amendment No. 27 to the Schedule 13D), (iii) the payment of any amounts due by Atlas Investissement either (a) in connection with any form of market purchases of Common Shares or (b) in connection with the settlement of any physically settled equity swap transaction(s) having the Common Share as underlying instrument, subject to certain further conditions set out in the corresponding documentation, and (iv) and the payment of related transaction costs and expenses. The security interests relating to such Second Upsize Transactions are substantially similar to those granted under the Original Equity Financing Transactions and accordingly include pledges over the Common Shares held by Atlas Investissement from time to time. For the avoidance of doubt, the implementation of the above-mentioned Second Upsize Transactions does not require the purchase of any Common Shares by either Atlas Investissement or its counterparties. The foregoing description of the transactions is qualified in its entirety by reference to the terms of each of the amended master agreements, master agreements, prepaid forwards confirmations and equity swaps confirmations, each of which is filed as exhibit to this Amendment No. 29 and incorporated herein by reference. Physical Settlement of Equity Derivative Transactions On June 29, 2026, Atlas Investissement physically settled the remaining balance of the Original Equity Derivative Transaction and the New Equity Derivative Transaction. Accordingly, in connection with such transactions as amended from time to time, Atlas Investissement has acquired a total number of 6,512,226 Common Shares for an aggregate purchase price of approximately USD 522,390,837 (excluding commissions and interest). The aggregate amounts reflect a previous increase to the maximum equity notional amount under these equity derivative transactions. The purchase was funded by proceeds drawn under the New Equity Financing Transactions (as such term is defined in Amendment No. 27 to the Schedule 13D) and the Second Upsize Transactions. June Equity Derivative Transaction The June Equity Derivative Transaction (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 this Amendment No. 29 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: The information set forth in Item 3 of this Amendment No. 29 is incorporated herein by reference. On June 29, 2026, Atlas Investissement entered into a confirmation relating to an equity derivative transaction (the "June Equity Derivative Transaction" and the documentation relating thereto the "Equity Derivative Transaction Agreements") with an unaffiliated third party financial institution (the "Bank"), pursuant to which Atlas Investissement expects to purchase up to 6,000,000 Common Shares on or before September 29, 2026. The actual timing and the number of Common Shares under such transaction will be determined based on the hedging position of the Bank in accordance with certain parameters of the Equity Derivative Transaction Agreements. Under the terms of the Equity Derivative Transaction Agreements, absent any extraordinary event, Atlas Investissement will be obligated to pay the Bank in cash an amount defined under such agreements for the acquisition of a number of Common Shares determined in accordance with the terms of such agreements, in consideration of which the Bank will be obligated, at each relevant settlement date in accordance with the terms of such agreements, to deliver such number of such Common Shares. Cash dividends (relating to the Common Shares not having yet been delivered to Atlas Investissement under the Equity Derivative Transaction Agreements) paid during the term thereof will give rise to a payment by the Bank to Atlas Investissement for an amount determined (taking into account all relevant withholding taxes) in accordance with the Equity Derivative Transaction Agreements. All balances will be exclusively physically settled, absent any extraordinary event, at the scheduled settlement dates of the Equity Derivative Transaction Agreements, although Atlas Investissement has the right to request an earlier settlement date for a physical settlement relating to the entirety of the Bank's hedging position at the relevant time. The Equity Derivative Transaction Agreements provide that Atlas Investissement does not have any direct or indirect voting, investment or dispositive control over any of the Common Shares held by the Bank corresponding to its hedging position until a settlement and delivery of such shares to Atlas Investissement and that the Bank will not notify or consult with Atlas Investissement regarding any voting rights with respect to the Common Shares that relate to its hedging position. The foregoing description of the June Equity Derivative Transaction is qualified in its entirety by reference to the terms of the Confirmation relating to the June Equity Derivative Transaction, a copy of which is filed as exhibit to this Amendment No. 29 and incorporated herein by reference. Separately from the above, on June 26, 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. 21 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 Items 3 and 4 above, the Reporting Persons have not effected any transactions in Common Shares since Amendment No. 28 to the Schedule 13D was filed on June 23, 2026.
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 Items 3 and 4 of this Amendment No. 29 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: 64. Second Amendment Agreement relating to the Second Upsize Transactions, dated June 25, 2026 by and between Atlas Investissement SAS and BNP Paribas 65. Second Amendment Agreement relating to the Second Upsize Transactions, dated June 25, 2026 by and between Atlas Investissement SAS and Credit Agricole Corporate and Investment Bank 66. Second Amendment Agreement relating to the Second Upsize Transactions, dated June 25, 2026 by and between Atlas Investissement SAS and Natixis 67. Second Amendment Agreement relating to the Second Upsize Transactions, dated June 25, 2026 by and between Atlas Investissement SAS and Societe Generale 68. Amended and restated FBF Master Agreement (initially dated November 12, 2025 and as amended and restated on June 25, 2026 pursuant to the Second Amendment Agreement referred to in Exhibit 64) by and between Atlas Investissement SAS and BNP Paribas 69. Amended and restated FBF Master Agreement (initially dated November 12, 2025 and as amended and restated on June 25, 2026 pursuant to the Second Amendment Agreement referred to in Exhibit 65) by and between Atlas Investissement SAS and Credit Agricole Corporate and Investment Bank 70. Amended and restated FBF Master Agreement (initially dated November 12, 2025 and as amended and restated on June 25, 2026 pursuant to the Second Amendment Agreement referred to in Exhibit 66) by and between Atlas Investissement SAS and Natixis 71. Amended and restated FBF Master Agreement (initially dated November 12, 2025 and as amended and restated on June 25, 2026 pursuant to the Second Amendment Agreement referred to in Exhibit 67) by and between Atlas Investissement SAS and Societe Generale 72. FBF Master Agreement dated June 25, 2026 by and between Atlas Investissement SAS and Citibank Europe 73. FBF Master Agreement dated June 25, 2026 by and between Atlas Investissement SAS and ING Bank 74. Confirmation of Prepaid Forwards by and between Atlas Investissement SAS and BNP Paribas 75. Confirmation of Prepaid Forwards by and between Atlas Investissement SAS and Credit Agricole Corporate and Investment Bank 76. Confirmation of Prepaid Forwards by and between Atlas Investissement SAS and Natixis 77. Confirmation of Prepaid Forwards by and between Atlas Investissement SAS and Societe Generale 78. Confirmation of Prepaid Forwards by and between Atlas Investissement SAS and Citibank Europe 79. Confirmation of Prepaid Forwards by and between Atlas Investissement SAS and ING Bank 80. Confirmation of Equity Swaps by and between Atlas Investissement SAS and BNP Paribas 81. Confirmation of Equity Swaps by and between Atlas Investissement SAS and Credit Agricole Corporate and Investment Bank 82. Confirmation of Equity Swaps by and between Atlas Investissement SAS and Natixis 83. Confirmation of Equity Swaps by and between Atlas Investissement SAS and Societe Generale 84. Confirmation of Equity Swaps by and between Atlas Investissement SAS and Citibank Europe 85. Confirmation of Equity Swaps by and between Atlas Investissement SAS and ING Bank 86. Confirmation related to the June Equity Derivative Transaction, dated June 29, 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/ Anthony Maarek
Name/Title:	Anthony Maarek, Managing Director
Date:	06/29/2026

Iliad Holding SAS

Signature:	/s/ Xavier Niel
Name/Title:	Xavier Niel, President of Maya SAS, itself President of Iliad Holding SAS
Date:	06/29/2026

Maya SAS

Signature:	/s/ Xavier Niel
Name/Title:	Xavier Niel, President
Date:	06/29/2026

Xavier Niel

Signature:	/s/ Xavier Niel
Name/Title:	Xavier Niel
Date:	06/29/2026

Jules Niel

Signature:	/s/ Jules Niel
Name/Title:	Jules Niel
Date:	06/29/2026

John Niel

Signature:	/s/ John Niel
Name/Title:	John Niel
Date:	06/29/2026

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:	06/29/2026

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:	06/29/2026

FAQ

How many Millicom (TIGO) shares does Atlas Investissement now report owning?

Atlas Investissement and related parties report beneficial ownership of 82,982,244 Millicom common shares. This represents a 49.5% interest in the company, based on 167,707,493 shares outstanding as of May 31, 2026, excluding treasury shares.

What percentage of Millicom (TIGO) does Atlas Investissement’s stake represent?

The reported beneficial stake is 49.5% of Millicom’s common shares. This percentage is calculated using 167,707,493 shares outstanding as of May 31, 2026, after subtracting 1,292,507 treasury shares disclosed by the issuer.

How much additional financing did Atlas Investissement arrange in this amendment?

Atlas Investissement increased its secured equity financing capacity by about USD 360,758,674. This upsize comes from amended and additional prepaid forward and equity swap transactions with several unaffiliated financial institutions, all based on the value of Millicom common shares it holds.

How many Millicom shares did Atlas Investissement acquire through physical settlement?

Through physical settlement of earlier equity derivative transactions, Atlas Investissement acquired 6,512,226 Millicom common shares. The aggregate purchase price was approximately USD 522,390,837, excluding commissions and interest, funded by proceeds from equity financing transactions and the second upsize financing.

What is the new June Equity Derivative Transaction mentioned for Millicom (TIGO)?

The June Equity Derivative Transaction is an agreement under which Atlas Investissement expects to purchase up to 6,000,000 Millicom shares on or before September 29, 2026. A bank will deliver shares at settlement dates, with balances intended to be physically settled absent extraordinary events.

How are the equity financing transactions involving Millicom shares structured?

The equity financing transactions consist of prepaid forwards and equity swaps with several banks, secured by Millicom shares held by Atlas Investissement. They provide increased funding capacity while pledging Millicom shares as collateral and include margin call mechanisms under substantially similar terms to prior transactions.