Who Owns Millicom International Cellular Company?

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Who Really Controls Millicom International Cellular?

Unraveling the Millicom International Cellular SWOT Analysis is essential for understanding its strategic landscape. In July 2024, Xavier Niel's attempt to fully acquire Millicom highlighted the significance of major shareholders. This deep dive explores the evolution of Millicom ownership, from its founders to current key investors, and how these dynamics shape the mobile operator's future.

Understanding Millicom's ownership structure is critical for investors and stakeholders alike. This analysis will explore the shareholders, the company's history, and its financial performance, including its impressive $5.80 billion in revenue for 2024. From its roots in Stockholm to its current operations serving millions, discover how Millicom's ownership has evolved and its impact on the company's trajectory.

The story of Millicom International Cellular began on December 14, 1990. This marked the formal establishment of the company, born from the merger of cellular telephone interests held by Industriförvaltnings AB Kinnevik and Millicom Incorporated. This consolidation laid the groundwork for the mobile operator we know today.

The founders of Millicom International Cellular included Shelby Bryan, Jan Stenbeck, Telma Sosa, and Olvin Galdamez. While the specific initial ownership breakdown among these founders isn't detailed, their combined efforts were crucial in forming the company. Their vision helped establish the foundation for what would become a significant player in the telecommunications industry.

Millicom Incorporated, a key part of the merger, had been formed in 1979. It focused on cellular telephone opportunities in America. In 1982, it received a cellular development license from the US Federal Communications Commission. Also in 1982, Millicom co-founded a joint venture with Racal Electronics Plc, which later became Vodafone Group Plc. Industriförvaltnings AB Kinnevik, another key player, had acquired a small mobile telephone company in Sweden in 1979, which evolved into Comviq GSM. Both Kinnevik and Millicom started seeking international cellular licenses from early 1983.

Early Ownership and Public Listing

A significant move occurred in 1993 when Millicom International Cellular (MIC) aimed to acquire Millicom Incorporated, which held about 49% of MIC at the time. This acquisition was designed to secure a NASDAQ listing for MIC. It also gave Millicom Incorporated shareholders direct ownership in MIC. The shareholders of Millicom Incorporated approved the merger on December 30, 1993, leading to MIC starting to trade on NASDAQ on December 31, 1993.

• The early ownership structure was a blend of the founders' contributions and the assets brought in by Kinnevik and Millicom Incorporated.
• The 1993 acquisition of Millicom Incorporated by MIC was a pivotal moment, streamlining ownership and setting the stage for public trading.
• This structure allowed the company to expand its operations and increase its visibility in the market.

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The ownership structure of Millicom International Cellular has seen significant shifts. A key development was the increasing stake held by French billionaire Xavier Niel. Through Atlas Investissement, Niel became the main shareholder, holding a 25.02% stake by September 2023. Further consolidating this position, Atlas Luxco, a subsidiary of Atlas Investissement, increased its ownership to 40.42% of Millicom's share capital and voting rights by August 2024, following public offers. Subsequently, Iliad Holding, also owned by Xavier Niel, began consolidating Millicom from October 1, 2024, after acquiring Atlas Investissement.

This evolution highlights a strategic consolidation of ownership within the company. These changes have reshaped the landscape of Millicom International Cellular's growth strategy, influencing its operational and financial direction. The involvement of key figures like Xavier Niel has been a pivotal factor in shaping the company's trajectory.

Institutional investors also play a crucial role in Millicom's ownership. As of May 2025, institutional shareholders, totaling 194, held approximately 40.48% of the shares. Major institutional shareholders include Dodge & Cox and BlackRock, Inc. In Q1 2025, BlackRock, Inc. increased its holdings by 2,426,347 shares, valued at approximately $73,445,523. Southeastern Asset Management Inc/tn/ added 2,411,257 shares in Q4 2024.

Key Takeaways on Millicom Ownership

Millicom's ownership structure is significantly influenced by Xavier Niel and institutional investors.

• Xavier Niel, through Atlas Investissement and Iliad Holding, holds a substantial stake.
• Institutional investors collectively own a significant portion of the company's shares.
• The company has engaged in share repurchase programs to manage its outstanding shares.
• Millicom's net income for 2024 was $31 million.

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The Board of Directors at Millicom International Cellular (Tigo company) is pivotal in guiding the company's strategy and operations. Following Atlas Investissement's increased stake, the board saw the addition of three new directors in May 2023: Michaël Golan, Nicolas Jaeger, and Thomas Reynaud. These appointments reflect the influence of major Millicom shareholders. In September 2023, Maxime Lombardini also joined as President and COO.

As of May 23, 2024, Mauricio Ramos was elected as Chair of the Board, a role he is expected to hold until the 2025 AGM. He previously served as Interim Chairman from August 31, 2023, after José Antonio Ríos García's resignation. Marcelo Benitez is set to become Millicom's next CEO. This transition highlights the ongoing evolution of leadership within the company. The composition of the board and its leadership changes significantly impact Millicom's strategic direction.

The voting structure for Millicom's shares generally follows a one-share-one-vote system. The company has been consolidating its listing on the Nasdaq Stock Market in the United States, with the delisting of Swedish Depository Receipts (SDRs) from Nasdaq Stockholm completed by March 17, 2025. This move aims to improve liquidity and attract investors. The Board has the authority to approve share repurchase plans. A plan authorized on May 23, 2024, allows the repurchase of up to $150 million or 17,200,000 SDRs/shares, approximately 10% of Millicom's share capital, until the 2025 annual general meeting. This reflects the company's strategy regarding Millicom shareholders and Millicom stock.

Millicom's Leadership and Shareholder Influence

The Board of Directors and voting structure at Millicom International Cellular are key to understanding the company's governance. The recent changes in leadership and the share repurchase plan demonstrate the ongoing efforts to optimize shareholder value.

• Atlas Investissement's influence through board appointments.
• Mauricio Ramos's role as Chair and planned transition.
• Share repurchase plan of up to $150 million.
• Consolidation of share listings on Nasdaq.

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Over the past few years, significant shifts have occurred in the ownership structure and strategic direction of Millicom International Cellular. A key development is the increased stake held by Atlas Investissement, owned by French billionaire Xavier Niel. By August 2024, Atlas Investissement held 40.42% of Millicom's share capital and voting rights, leading to the consolidation of Millicom by Iliad Holding, also owned by Niel, starting October 1, 2024.

Millicom has been actively repurchasing shares to boost shareholder value. Between March 10-14, 2025, the company repurchased 315,930 SDRs and 736,800 common shares, holding 3,847,564 treasury shares as of March 14, 2025. In January 2025, repurchases included 140,587 SDRs and 95,600 common shares. As of March 7, 2025, Millicom held 2,794,834 treasury shares out of 172,096,305 outstanding shares. The delisting of SDRs from Nasdaq Stockholm and the consolidation of its share listing on the Nasdaq Stock Market in the U.S. by March 17, 2025, are expected to improve liquidity and attract new investors.

Millicom is pursuing several mergers and acquisitions in Latin America. Deals include the acquisition of Telefónica's 67.5% stake in Coltel for about $400 million, with a definitive agreement reached in March 2025. The company also plans to acquire the Colombian government's remaining 32.5% stake in Coltel and EPM's 50% interest in TigoUne, with the combination of Liberty Costa Rica and Millicom's Tigo Costa Rica expected by the end of 2025. Leadership changes include Sheldon Bruha's departure as CFO on April 15, 2024, and Mauricio Ramos's transition to Executive Chair after the May 2024 AGM, with Marcelo Benitez becoming the new CEO. A new shareholder remuneration policy was announced in January 2025, including resuming regular cash dividends, with an interim dividend of $1.00 per share paid on January 10, 2025, and another interim dividend of $0.75 per share intended for April 2025.

Ownership Changes

Xavier Niel's increased stake through Atlas Investissement is a major shift in Millicom ownership. This has led to the consolidation of the Tigo company by Iliad Holding.

Share Buybacks

Millicom has been actively buying back shares. The company held 3,847,564 treasury shares as of March 14, 2025, indicating a focus on enhancing shareholder value. The mobile operator also delisted from Nasdaq Stockholm.

M&A Activity

Millicom is pursuing acquisitions in Latin America, including deals in Colombia and the combination of its Costa Rican operations. These moves are set to enhance its market presence.

Financial Performance and Strategy

The company reported strong equity free cash flow and reduced leverage. A new dividend policy has been implemented to reward Millicom shareholders. The company is also focused on improving its financial position.

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