Atlas Investissement upsizes Millicom (TIGO) financing and derivative stake to 46%

Rhea-AI Filing Summary

Atlas Investissement SAS and related parties report beneficial ownership of 77,070,018 Common Shares of Millicom International Cellular S.A., representing 46.0% of the outstanding class based on 167,540,829 shares as of February 28, 2026.

The position reflects 73,820,018 shares already beneficially owned plus up to an additional 3,250,000 shares that Atlas Investissement expects to acquire on or before June 30, 2026 under amended equity derivative agreements with an unaffiliated bank.

On March 27, 2026 Atlas Investissement also amended and upsized its secured equity financing with four banks, increasing the maximum available amount by approximately USD 190,000,000. The additional draw is limited to funding a scheduled partial settlement of an existing equity derivative transaction and related costs, and is secured by pledges over Millicom shares held by Atlas Investissement.

Insights

Equity ownership and derivatives specialist

Large shareholder cements a 46% economic stake using leveraged derivatives.

Atlas Investissement and its controlling entities disclose beneficial ownership of 77,070,018 Millicom shares, or 46.0% of the class, combining existing shares with up to 3,250,000 additional shares expected from a New Equity Derivative Transaction.

The group has also upsized its secured equity financing by about USD 190,000,000 with four banks. The proceeds are restricted to settling part of an existing equity derivative and covering related expenses, with pledges over Millicom shares as collateral.

Because all balances under the Amended Equity Derivative Transaction Agreements are scheduled to be physically settled, absent extraordinary events, Atlas Investissement is positioned to receive additional Millicom shares over time while relying on bank financing structures disclosed as of March 27, 2026.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 27)

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)

03/27/2026

(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 77,070,018.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 77,070,018.00

11

Aggregate amount beneficially owned by each reporting person

77,070,018.00

12

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

13

Percent of class represented by amount in Row (11)

46.0 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

(1) Reflects 73,820,018 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 No. 26 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 3,250,000 additional Common Shares that Atlas Investissement expects to purchase under the Amended Equity Derivative Transaction Agreements (as defined in Item 4 below) on or before June 30, 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 167,540,829 Common Shares outstanding as of February 28, 2026 (169,000,000 Common Shares outstanding, less 1,459,171 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 77,070,018.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 77,070,018.00

11

Aggregate amount beneficially owned by each reporting person

77,070,018.00

12

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

13

Percent of class represented by amount in Row (11)

46.0 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

(1) Reflects 73,820,018 Common Shares, referred to herein on the same basis as disclosed in Amendment No. 26 to the Schedule 13D, beneficially owned by Atlas Investissement, plus 3,250,000 additional Common Shares that Atlas Investissement expects to purchase under the Amended Equity Derivative Transaction Agreements on or before June 30, 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 167,540,829 Common Shares outstanding as of February 28, 2026 (169,000,000 Common Shares outstanding, less 1,459,171 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 77,070,018.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 77,070,018.00

11

Aggregate amount beneficially owned by each reporting person

77,070,018.00

12

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

13

Percent of class represented by amount in Row (11)

46.0 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

(1) Reflects 73,820,018 Common Shares, referred to herein on the same basis as disclosed in Amendment No. 26 to the Schedule 13D, beneficially owned by Atlas Investissement, plus 3,250,000 additional Common Shares that Atlas Investissement expects to purchase under the Amended Equity Derivative Transaction Agreements on or before June 30, 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 167,540,829 Common Shares outstanding as of February 28, 2026 (169,000,000 Common Shares outstanding, less 1,459,171 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 77,070,018.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 77,070,018.00

11

Aggregate amount beneficially owned by each reporting person

77,070,018.00

12

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

13

Percent of class represented by amount in Row (11)

46.0 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

(1) Reflects 73,820,018 Common Shares, referred to herein on the same basis as disclosed in Amendment No. 26 to the Schedule 13D, beneficially owned by Atlas Investissement, plus 3,250,000 additional Common Shares that Atlas Investissement expects to purchase under the Amended Equity Derivative Transaction Agreements on or before June 30, 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 167,540,829 Common Shares outstanding as of February 28, 2026 (169,000,000 Common Shares outstanding, less 1,459,171 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 77,070,018.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 77,070,018.00

11

Aggregate amount beneficially owned by each reporting person

77,070,018.00

12

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

13

Percent of class represented by amount in Row (11)

46.0 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

(1) Reflects 73,820,018 Common Shares, referred to herein on the same basis as disclosed in Amendment No. 26 to the Schedule 13D, beneficially owned by Atlas Investissement, plus 3,250,000 additional Common Shares that Atlas Investissement expects to purchase under the Amended Equity Derivative Transaction Agreements on or before June 30, 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 167,540,829 Common Shares outstanding as of February 28, 2026 (169,000,000 Common Shares outstanding, less 1,459,171 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 77,070,018.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 77,070,018.00

11

Aggregate amount beneficially owned by each reporting person

77,070,018.00

12

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

13

Percent of class represented by amount in Row (11)

46.0 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

(1) Reflects 73,820,018 Common Shares, referred to herein on the same basis as disclosed in Amendment No. 26 to the Schedule 13D, beneficially owned by Atlas Investissement, plus 3,250,000 additional Common Shares that Atlas Investissement expects to purchase under the Amended Equity Derivative Transaction Agreements on or before June 30, 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 167,540,829 Common Shares outstanding as of February 28, 2026 (169,000,000 Common Shares outstanding, less 1,459,171 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 77,070,018.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 77,070,018.00

11

Aggregate amount beneficially owned by each reporting person

77,070,018.00

12

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

13

Percent of class represented by amount in Row (11)

46.0 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

(1) Reflects 73,820,018 Common Shares, referred to herein on the same basis as disclosed in Amendment No. 26 to the Schedule 13D, beneficially owned by Atlas Investissement, plus 3,250,000 additional Common Shares that Atlas Investissement expects to purchase under the Amended Equity Derivative Transaction Agreements on or before June 30, 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 167,540,829 Common Shares outstanding as of February 28, 2026 (169,000,000 Common Shares outstanding, less 1,459,171 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 77,070,018.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 77,070,018.00

11

Aggregate amount beneficially owned by each reporting person

77,070,018.00

12

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

13

Percent of class represented by amount in Row (11)

46.0 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

(1) Reflects 73,820,018 Common Shares, referred to herein on the same basis as disclosed in Amendment No. 26 to the Schedule 13D, beneficially owned by Atlas Investissement, plus 3,250,000 additional Common Shares that Atlas Investissement expects to purchase under the Amended Equity Derivative Transaction Agreements on or before June 30, 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 167,540,829 Common Shares outstanding as of February 28, 2026 (169,000,000 Common Shares outstanding, less 1,459,171 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. 27 ("Amendment No. 27") 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. 27 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 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 four unaffiliated third party financial institutions, as disclosed in this Amendment No. 27 (and for the avoidance of doubt, such amendment would be distinct from the amendment described in Item 4 below), 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 March 27, 2026, Atlas Investissement entered into four separate amendment and restatement agreements (each an "Amendment Agreement") 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 (the "Original Equity Financing Transactions"). Pursuant to such Amendment Agreements, the maximum amount available under the Original Equity Financing Transactions was increased by an aggregate of approximately USD 190,000,000 to be made available to Atlas Investissement (the "Upsize Transactions"). Accordingly, such Amendment Agreements have amended and restated the documentation relating to each Original Equity Financing Transaction (each as previously described in Amendment No. 24 to the Schedule 13D) for the purposes of implementing the Upsize Transactions, such documentation otherwise remaining on substantially the same terms. The purpose of the amounts to be drawn relating to such Upsize Transactions is limited to the payment of amounts to be due in connection with a forthcoming scheduled partial settlement of a portion of 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 payment of related transaction costs and expenses. The security interests relating to such 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 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, prepaid forwards confirmations and equity swaps confirmations, each of which is filed as exhibit to this Amendment No. 27 and incorporated herein by reference. Separately and in addition to the above, on March 27, 2026, Atlas Investissement entered into an equity derivative transaction (the "New Equity Derivative Transaction") through the entry into an amendment and restatement agreement relating to the Equity Derivative Transaction Agreements disclosed in Amendment No. 26 to the Schedule 13D (together the "Amended Equity Derivative Transaction Agreements") with an unaffiliated third party financial institution (the "Bank"). Pursuant to such New Equity Derivative Transaction, Atlas Investissement expects to purchase up to an additional 3,250,000 Common Shares on or before June 30, 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 Amended Equity Derivative Transaction Agreements. Under the terms of the Amended Equity Derivative Transaction Agreements, the portion of the existing Equity Derivative Transaction that has not been settled and delivered to Atlas Investissement as of the date of this Amendment No. 27 will remain unaffected and deemed beneficially owned by the Reporting Persons. 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 substantially similar to the material terms of the Equity Derivative Transaction Agreements disclosed in Amendment No. 26 to the Schedule 13D. Accordingly, under the terms of the Amended 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 Amended 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 Amended Equity Derivative Transaction Agreements. All balances will be exclusively physically settled, absent any extraordinary event, at the scheduled settlement dates of the Amended 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 Amended 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 New Equity Derivative Transaction is qualified in its entirety by reference to the terms of the Confirmation relating to the New Equity Derivative Transaction, a copy of which is filed as exhibit to this Amendment No. 27 and incorporated herein by reference.
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 have not effected any transactions in Common Shares since Amendment No. 26 to the Schedule 13D was filed on March 13, 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 Item 4 of this Amendment No. 27 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: 45. Amendment Agreement relating to the Upsize Transactions, dated March 27, 2026 by and between Atlas Investissement SAS and BNP Paribas 46. Amendment Agreement relating to the Upsize Transactions, dated March 27, 2026 by and between Atlas Investissement SAS and Credit Agricole Corporate and Investment Bank 47. Amendment Agreement relating to the Upsize Transactions, dated March 27, 2026 by and between Atlas Investissement SAS and Natixis 48. Amendment Agreement relating to the Upsize Transactions, dated March 27, 2026 by and between Atlas Investissement SAS and Societe Generale 49. Amended and restated FBF Master Agreement (initially dated November 12, 2025 and as amended and restated on March 27, 2026 pursuant to the Amendment Agreement referred to in Exhibit 45) by and between Atlas Investissement SAS and BNP Paribas 50. Amended and restated FBF Master Agreement (initially dated November 12, 2025 and as amended and restated on March 27, 2026 pursuant to the Amendment Agreement referred to in Exhibit 46) by and between Atlas Investissement SAS and Credit Agricole Corporate and Investment Bank 51. Amended and restated FBF Master Agreement (initially dated November 12, 2025 and as amended and restated on March 27, 2026 pursuant to the Amendment Agreement referred to in Exhibit 47) by and between Atlas Investissement SAS and Natixis 52. Amended and restated FBF Master Agreement (initially dated November 12, 2025 and as amended and restated on March 27, 2026 pursuant to the Amendment Agreement referred to in Exhibit 48) by and between Atlas Investissement SAS and Societe Generale 53. Amended and restated Confirmation of Prepaid Forwards (initially dated November 12, 2025 and as amended and restated on March 27, 2026 pursuant to the Amendment Agreement referred to in Exhibit 45) by and between Atlas Investissement SAS and BNP Paribas 54. Amended and restated Confirmation of Prepaid Forwards (initially dated November 12, 2025 and as amended and restated on March 27, 2026 pursuant to the Amendment Agreement referred to in Exhibit 46) by and between Atlas Investissement SAS and Credit Agricole Corporate and Investment Bank 55. Amended and restated Confirmation of Prepaid Forwards (initially dated November 12, 2025 and as amended and restated on March 27, 2026 pursuant to the Amendment Agreement referred to in Exhibit 47) by and between Atlas Investissement SAS and Natixis 56. Amended and restated Confirmation of Prepaid Forwards (initially dated November 12, 2025 and as amended and restated on March 27, 2026 pursuant to the Amendment Agreement referred to in Exhibit 48) by and between Atlas Investissement SAS and Societe Generale 57. Amended and restated Confirmation of Equity Swaps (initially dated November 12, 2025 and as amended and restated on March 27, 2026 pursuant to the Amendment Agreement referred to in Exhibit 45) by and between Atlas Investissement SAS and BNP Paribas 58. Amended and restated Confirmation of Equity Swaps (initially dated November 12, 2025 and as amended and restated on March 27, 2026 pursuant to the Amendment Agreement referred to in Exhibit 46) by and between Atlas Investissement SAS and Credit Agricole Corporate and Investment Bank 59. Amended and restated Confirmation of Equity Swaps (initially dated November 12, 2025 and as amended and restated on March 27, 2026 pursuant to the Amendment Agreement referred to in Exhibit 47) by and between Atlas Investissement SAS and Natixis 60. Amended and restated Confirmation of Equity Swaps (initially dated November 12, 2025 and as amended and restated on March 27, 2026 pursuant to the Amendment Agreement referred to in Exhibit 48) by and between Atlas Investissement SAS and Societe Generale 61. Amendment Agreement relating to the New Equity Derivative Transactions, dated March 27, 2026 by and between Atlas Investissement SAS and Societe Generale 62. Amended and Restated Confirmation (initially dated March 11, 2026, by and between Atlas Investissement SAS and Societe Generale pursuant to the Amendment Agreement referred to in Exhibit 61) 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:	03/27/2026

Iliad Holding SAS

Signature:	/s/ Xavier Niel
Name/Title:	Xavier Niel, President of Maya SAS, itself President of Iliad Holding SAS
Date:	03/27/2026

Maya SAS

Signature:	/s/ Xavier Niel
Name/Title:	Xavier Niel, President
Date:	03/27/2026

Xavier Niel

Signature:	/s/ Xavier Niel
Name/Title:	Xavier Niel
Date:	03/27/2026

Jules Niel

Signature:	/s/ Jules Niel
Name/Title:	Jules Niel
Date:	03/27/2026

John Niel

Signature:	/s/ John Niel
Name/Title:	John Niel
Date:	03/27/2026

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:	03/27/2026

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:	03/27/2026

FAQ

How many Millicom (TIGO) shares do Atlas Investissement and related parties beneficially own?

Atlas Investissement and affiliated reporting persons beneficially own 77,070,018 Millicom Common Shares. This represents 46.0% of the outstanding class, calculated using 167,540,829 shares outstanding as of February 28, 2026, after excluding 1,459,171 treasury shares.

What new equity derivative transaction involving Millicom (TIGO) is disclosed in Amendment No. 27?

Atlas Investissement entered a New Equity Derivative Transaction with an unaffiliated bank. Under amended agreements, it expects to purchase up to an additional 3,250,000 Millicom Common Shares on or before June 30, 2026, with timing and quantity driven by the bank’s hedging position.

How much additional financing did Atlas Investissement arrange in connection with its Millicom (TIGO) position?

Atlas Investissement increased the maximum amount available under its secured equity financing transactions by approximately USD 190,000,000. These Upsize Transactions with four banks are limited to funding a scheduled partial settlement of an existing equity derivative and paying related transaction costs and expenses.

How is the 46.0% ownership percentage in Millicom (TIGO) calculated for Atlas Investissement?

The 46.0% figure is based on 167,540,829 Millicom Common Shares outstanding as of February 28, 2026. That number reflects 169,000,000 shares outstanding less 1,459,171 shares held in treasury, as disclosed on the issuer’s website and referenced in the amendment.

Do Atlas Investissement and its affiliates control voting on Millicom (TIGO) shares held by the bank for hedging?

Under the Amended Equity Derivative Transaction Agreements, Atlas Investissement has no direct or indirect voting, investment or dispositive control over Millicom shares held by the bank for hedging. The bank does not notify or consult Atlas Investissement regarding voting rights on those hedging-position shares before settlement.

Have the reporting persons made other recent Millicom (TIGO) share transactions besides those in Amendment No. 27?

The amendment states that, except for the transactions described in Item 4, the reporting persons have not effected any transactions in Millicom Common Shares since Amendment No. 26 was filed on March 13, 2026. This limits recent activity to the newly disclosed financing and derivative arrangements.