Skadden and BLP advise Xavier Niel and Atlas Investissement in their successful tender offer for Millicom / Tigo  

This is the first significant investment by a French group in the Latin American telecommunications industry
 

Skadden, Arps, Slate, Meagher & Flom advised Xavier Niel and his investment vehicle, Atlas Investissement, on their takeover bid for Millicom International Cellular S.A., a leading telecommunications company headquartered in Luxembourg, listed on NASDAQ in New York and Stockholm, and operating under the Tigo brand in nine countries in Latin America (Colombia, Guatemala, Bolivia, Nicaragua, Panama, El Salvador, Paraguay, Costa Rica and Honduras).
 
Atlas Investissement has successfully completed its public offer, increasing its stake to over 40% of Millicom’s share capital and voting rights. This transaction, which follows two tender offers launched in the United States and Sweden at a price of $24 per share, later increased to $25.75 per share values Millicom at $4.4 billion.
 
The strategic acquisition solidifies Xavier Niel’s position as Millicom’s largest shareholder, expanding his previous stake of around 29% and marks a strategic expansion of his investment portfolio in the telecommunications sector.
 
This is the first significant investment by a French group in the Latin American telecommunications sector, underscoring the importance of the region for global investors.

By expanding its ownership in Millicom, Atlas Investissement further strengthens its influence in the Latin American telecom market, reinforcing Millicom’s growth potential across its key markets.

The Skadden team advising on this landmark transaction was led by M&A partner Arash Attar-Rezvani and included Patrick Dupuis, counsel, Alexandre Salvanet, and Eva Labbé, associates, handling corporate matters; Aurélien Jolly, counsel, and Vincent Delcourt, associate, on financing matters; and Thomas Perrot, partner, on tax aspects.

In London, the team included Denis Klimentchenko, partner, Georgian Dimopoulos, and Katerina Stampouloglou, associates, covering corporate and US capital markets matters, as well as Noel Hughes, partner, on financing aspects.

In New York, James Rapp, counsel, provided expertise on SEC reporting and compliance, along with Rita Belin Sinkfield, counsel, on antitrust; Erica Schohn, partner, Berit R. Freeman, counsel, and Jameson Frazier, associate, on executive compensation and benefits aspects.

The Brussels team included Frederic Depoortere, partner, Andreas Kafetzopoulos, counsel, and Charlotte Garcia Moreno, associate, advising on antitrust matters.
 
Roschier advised on the Swedish legal aspects, and Arendt & Medernach provided guidance on Luxembourg law.

BLP provided comprehensive advice on regulatory, competition, and antitrust matters for the deal through our offices in Central America, including Guatemala, El Salvador, Honduras, Nicaragua, and Costa Rica. The regional team was led by partner Jorge Arenales, who spends his time between Paris and Guatemala and has extensive experience in Corporate and Energy & Infrastructure, with co-leadership from partners Uri Weinstok, specialist and Head of the Antitrust practice in Costa Rica, Zygmunt Brett, Ernesto Rizo, and José Alvarez from El Salvador, Nicaragua, and Honduras, respectively and associates Anneliss Wohlers, José Gochez, José Villeda, and Juan Castillo.

Xavier Niel’s Telecom Group has become the largest French investor in the region, with TIGO maintaining a strong market share across Central America. The investment has been positively received and has already spurred the development of a new business ecosystem in the region.

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