Millicom (TIGO) investor details 42.2% stake and Chile call option

Rhea-AI Filing Summary

Atlas Investissement SAS and related parties report beneficial ownership of 70,470,018 common shares, or 42.2%, of Millicom International Cellular S.A. This percentage is based on 167,092,668 shares outstanding as of October 31, 2025. The amendment also discloses a Call Option Agreement among NJJ Cactus SAS, Millicom Spain, S.L. and Celtel Chile, S.L. tied to the acquisition of Telefonica Moviles Chile S.A. Millicom Spain receives a call option exercisable during two 30-day periods after the fifth and sixth anniversaries of the Target’s purchase, with the price payable in cash and newly issued Millicom shares determined by a volume-weighted average price.

Insights

Equity ownership & corporate transactions analyst

Large holder reaffirms 42.2% Millicom stake and adds a call option structure with potential share issuance.

Atlas Investissement SAS, together with Iliad Holding, Maya and the Niel family, reports beneficial ownership of 70,470,018 Millicom common shares, representing 42.2% of the class based on 167,092,668 shares outstanding as of October 31, 2025. Control is structured through French holding entities, so influence is concentrated in this group.

The filing also describes a Call Option Agreement among NJJ Cactus SAS, Millicom Spain, S.L. and Celtel Chile, S.L. related to the acquisition of Telefonica Moviles Chile S.A. Millicom Spain holds a call option over NJJ Cactus’s equity interests in the Chilean structure during two 30‑day windows following the fifth and sixth anniversaries of the Target’s purchase.

The option exercise price can be paid in cash and newly issued Millicom shares, with the share component determined by a volume‑weighted average price over a specified period. That creates a defined mechanism for a future internal rebalancing of ownership in the Chilean asset and a potential, but currently unquantified, issuance of new Millicom shares.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 25)

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)

02/10/2026

(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).

SCHEDULE 13D

CUSIP No. 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 70,470,018.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 70,470,018.00

11

Aggregate amount beneficially owned by each reporting person

70,470,018.00

12

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

13

Percent of class represented by amount in Row (11)

42.2 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

(1) Reflects 70,470,018 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"). 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 167,092,668 Common Shares outstanding as of October 31, 2025 (169,000,000 Common Shares outstanding, less 1,907,332 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 No. 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 70,470,018.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 70,470,018.00

11

Aggregate amount beneficially owned by each reporting person

70,470,018.00

12

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

13

Percent of class represented by amount in Row (11)

42.2 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

(1) Reflects 70,470,018 Common Shares beneficially owned by Atlas Investissement. 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 167,092,668 Common Shares outstanding as of October 31, 2025 (169,000,000 Common Shares outstanding, less 1,907,332 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 No. 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 70,470,018.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 70,470,018.00

11

Aggregate amount beneficially owned by each reporting person

70,470,018.00

12

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

13

Percent of class represented by amount in Row (11)

42.2 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

(1) Reflects 70,470,018 Common Shares beneficially owned by Atlas Investissement. 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 167,092,668 Common Shares outstanding as of October 31, 2025 (169,000,000 Common Shares outstanding, less 1,907,332 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 No. 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 70,470,018.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 70,470,018.00

11

Aggregate amount beneficially owned by each reporting person

70,470,018.00

12

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

13

Percent of class represented by amount in Row (11)

42.2 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

(1) Reflects 70,470,018 Common Shares beneficially owned by Atlas Investissement. 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 167,092,668 Common Shares outstanding as of October 31, 2025 (169,000,000 Common Shares outstanding, less 1,907,332 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 No. 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 70,470,018.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 70,470,018.00

11

Aggregate amount beneficially owned by each reporting person

70,470,018.00

12

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

13

Percent of class represented by amount in Row (11)

42.2 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

(1) Reflects 70,470,018 Common Shares beneficially owned by Atlas Investissement. 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 167,092,668 Common Shares outstanding as of October 31, 2025 (169,000,000 Common Shares outstanding, less 1,907,332 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 No. 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 70,470,018.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 70,470,018.00

11

Aggregate amount beneficially owned by each reporting person

70,470,018.00

12

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

13

Percent of class represented by amount in Row (11)

42.2 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

(1) Reflects 70,470,018 Common Shares beneficially owned by Atlas Investissement. 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 167,092,668 Common Shares outstanding as of October 31, 2025 (169,000,000 Common Shares outstanding, less 1,907,332 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 No. 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 70,470,018.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 70,470,018.00

11

Aggregate amount beneficially owned by each reporting person

70,470,018.00

12

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

13

Percent of class represented by amount in Row (11)

42.2 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

(1) Reflects 70,470,018 Common Shares beneficially owned by Atlas Investissement. 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 167,092,668 Common Shares outstanding as of October 31, 2025 (169,000,000 Common Shares outstanding, less 1,907,332 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 No. 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 70,470,018.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 70,470,018.00

11

Aggregate amount beneficially owned by each reporting person

70,470,018.00

12

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

13

Percent of class represented by amount in Row (11)

42.2 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

(1) Reflects 70,470,018 Common Shares beneficially owned by Atlas Investissement. 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 167,092,668 Common Shares outstanding as of October 31, 2025 (169,000,000 Common Shares outstanding, less 1,907,332 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. 25 ("Amendment No. 25") 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 (the "Issuer"), and amends and supplements the initial statement on Schedule 13D filed on February 24, 2023, as amended by Amendment No. 1 to the Schedule 13D filed on March 28, 2023, Amendment No. 2 to the Schedule 13D filed on April 26, 2023, Amendment No. 3 to the Schedule 13D filed on May 12, 2023, Amendment No. 4 to the Schedule 13D filed on May 25, 2023, Amendment No. 5 to the Schedule 13D filed on June 2, 2023, Amendment No. 6 to the Schedule 13D filed on July 24, 2023, Amendment No. 7 to the Schedule 13D filed on August 24, 2023, Amendment No. 8 to the Schedule 13D filed on October 2, 2023, Amendment No. 9 to the Schedule 13D filed on November 8, 2023, Amendment No. 10 to the Schedule 13D filed on January 17, 2024, Amendment No. 11 to the Schedule 13D filed on May 23, 2024, Amendment No. 12 to the Schedule 13D filed on July 3, 2024, Amendment No 13. to the Schedule 13D filed on July 22, 2024, Amendment No. 14 to the Schedule 13D filed on August 2, 2024, Amendment No. 15 to the Schedule 13D filed on August 26, 2024, Amendment No. 16 to the Schedule 13D filed on September 9, 2024, Amendment No. 17 to the Schedule 13D filed on October 11, 2024, Amendment No. 18 to the Schedule 13D filed on March 12, 2025, Amendment No. 19 to the Schedule 13D filed on March 17, 2025, Amendment No. 20 to the Schedule 13D filed on August 13, 2025, Amendment No. 21 to the Schedule 13D filed on August 22, 2025, Amendment No. 22 to the Schedule 13D filed on September 4, 2025, Amendment No. 23 to the Schedule 13D filed on September 22, 2025, and Amendment No. 24 to the Schedule 13D filed on November 12, 2025 (as so amended, the "Schedule 13D"). Capitalized terms used but not defined in this Amendment No. 25 shall have the same meanings ascribed to them in the Schedule 13D.
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 by adding the following: On February 10, 2026, NJJ Cactus SAS, a French societe par actions simplifiee and affiliate of the filing persons (the "NJJ Investor"), Millicom Spain, S.L., a Spanish private limited liability company (sociedad limitada) and controlled affiliate of the Issuer (the "MIC Investor") and Celtel Chile, S.L., a Spanish private limited liability company (sociedad limitada) (the "Company"), entered into a call option agreement (the "Call Option Agreement") in connection with the acquisition by the Company of all issued and outstanding shares of Telefonica Moviles Chile S.A., a sociedad anonima cerrada duly organized under the Laws of the Republic of Chile (the "Target"). The Call Option Agreement sets forth the principal terms governing the transfer by the NJJ Investor and the MIC Investor of their equity securities in the Company and/or in the Target in accordance with its terms. Pursuant to the Call Option Agreement, the MIC Investor has been granted a call option (the "MIC Call Option") entitling it, during two specified 30-day periods following the fifth and sixth anniversaries of the purchase of the Target, to require the NJJ Investor to sell all (and not less than all) of its equity interests in the Company (the "MIC Call Option Equity Securities") to the MIC Investor (or alternatively, to sell all the Company's equity interests in the Target to the MIC Investor, at the NJJ Investor's election). The purchase price for the MIC Call Option Equity Securities is payable, at the election of the NJJ Investor, in a combination (subject to certain limitations) of (i) cash, in immediately available funds, and (ii) newly issued shares of the Issuer in a number determined by reference to a volume weighted average price over a specified period. If the MIC Call Option is not exercised by the MIC Investor during such periods, the NJJ Investor has been granted a call option entitling it to require the MIC Investor to sell all (and not less than all) of its equity interests in the Company to the NJJ Investor.
Item 7.	Material to be Filed as Exhibits.
	Item 7 of the Schedule 13D is hereby amended by adding the following exhibits: 43. Call Option Agreement, dated February 10, 2026 by and among NJJ Cactus SAS, Millicom Spain, S.L. and Celtel Chile, S.L.

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:	02/12/2026

Iliad Holding SAS

Signature:	/s/ Xavier Niel
Name/Title:	Xavier Niel, President of Maya SAS, itself President of Iliad Holding SAS
Date:	02/12/2026

Maya SAS

Signature:	/s/ Xavier Niel
Name/Title:	Xavier Niel, President
Date:	02/12/2026

Xavier Niel

Signature:	/s/ Xavier Niel
Name/Title:	Xavier Niel
Date:	02/12/2026

Jules Niel

Signature:	/s/ Jules Niel
Name/Title:	Jules Niel
Date:	02/12/2026

John Niel

Signature:	/s/ John Niel
Name/Title:	John Niel
Date:	02/12/2026

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:	02/12/2026

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:	02/12/2026

FAQ

How much of Millicom (TIGO) does Atlas Investissement currently own?

Atlas Investissement and related parties beneficially own 70,470,018 Millicom common shares, representing 42.2% of the class. This percentage is calculated using 167,092,668 shares outstanding as of October 31, 2025, after excluding 1,907,332 treasury shares disclosed by the company.

Who are the reporting persons in this Millicom (TIGO) Schedule 13D/A amendment?

The reporting group includes Atlas Investissement SAS, Iliad Holding SAS, Maya SAS, and members of the Niel family. Through their French holding entities, they report shared beneficial ownership over 70,470,018 Millicom common shares, equal to 42.2% of the outstanding class.

How was the 42.2% ownership stake in Millicom (TIGO) calculated?

The 42.2% figure comes from dividing 70,470,018 beneficially owned shares by 167,092,668 Millicom common shares outstanding. Outstanding shares are based on 169,000,000 issued shares minus 1,907,332 held in treasury, as of October 31, 2025, per the issuer’s disclosure.

What is the Call Option Agreement described in this Millicom (TIGO) filing?

The filing describes a Call Option Agreement among NJJ Cactus SAS, Millicom Spain, S.L. and Celtel Chile, S.L. It governs transfers of equity in the company owning Telefonica Moviles Chile S.A., setting terms for future buyouts of those interests between the parties.

What is the MIC Call Option granted to Millicom Spain in the amendment?

Millicom Spain (the MIC Investor) receives a call option allowing it, in two 30‑day periods after the fifth and sixth anniversaries of the Target’s purchase, to require NJJ Cactus to sell all its equity in the Chilean structure or the Target, under agreed pricing terms.

Can the Millicom (TIGO) Call Option Agreement lead to new share issuance?

Yes. The purchase price for NJJ Cactus’s equity interests under the MIC Call Option is payable in cash and newly issued Millicom shares. The number of shares is determined using a volume‑weighted average price over a specified period defined in the agreement.