Xavier Niel’s investment vehicle Atlas increased its bid for Latin America-focused Millicom too US$4.1 billion, after the Millicom board rejected its previous offer for “undervaluing” the business.
Atlas said in a statement via Bloomberg: “Atlas wants to continue expanding the reach and capacity of Millicom’s networks and distribution capabilities to grow its customer base and better leverage its comprehensive telecom expertise.”
Atlas’s offer will be fully financed through its own funds and bank loans. Niel’s investment firm is a top shareholder at Millicom and had been seeking to buy it outright for months. This is the second time in two years Atlas has attempted a takeover of Millicom, reported Bloomberg.
Millicom operates the Tigo brand which has around 50 million subscribers in Latin America. It has operations in Bolivia, Colombia, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, Panama and Paraguay. Millicom reported sales of US$5.6 billion last year.
