A new stage in Xavier Neil’s investment strategy. His holding company now owns nearly 47% of Millicom, a Latin American telecom operator whose recovery has sent its stock price soaring.
Xavier Niel quietly continues his attack on the capital of Millicom. Free’s founder now controls almost half of the telecom operator’s presence in Latin America, an investment whose value has soared in just a few years. According to information from Letter of extensionThe holding company Atlas Investissement, controlled by Xavier Neil through the Iliad group, now owns the equivalent of 78.3 million shares, or 46.7% of Millicom’s capital.
This development is part of a strategy implemented from the end of 2022. Xavier Niel initially acquired around 7% of the capital, and then quickly grew to 20% in 2023, and then to almost 29% in the summer of 2024, to a stake valued at 42% in July 2025. Atlas Investissement even attempted to take control of Millicom through a public offer raised from $24 to $25.75 per share. If this operation did not make it possible to gain control over the group, it did not put an end to the ambitions of the entrepreneur, who continued to buy securities on the market. The latest move dates back to June 18, when about 1.25 million additional shares were acquired thanks to a financing contract concluded with Société Générale.
A bet that turned out to be particularly successful
With the arrival of Xavier Niel in the capital, Millicom has significantly improved its financial performance. The operator, which notably sells the Tigo brand in several Latin American countries, continued to reduce debt, rationalize its costs and strengthen its presence in several strategic markets.
First quarter 2026 results illustrate this dynamic with strong growth in revenue, adjusted EBITDA and free cash flow. This transformation was also reflected in the stock market. While shares traded below $25 during Xavier Neal’s initial purchases, they now trade around $92, or nearly four times that amount.
The package is now valued at more than $7 billion.
The average price paid by Xavier Niel has never been disclosed. However, taking into account the various acquisitions made in recent years, La Lettre de l’Expansion estimates that the total investment will be between $1.8 and $2 billion.
With the stake now valued at approximately $7.2 billion, the hidden capital gain will now exceed $5 billion, making Millicom one of the most profitable investments Free’s founder has made in recent years.
Millicom, which has a presence in nine Latin American countries, today claims to cover 145 million inhabitants, nearly 60 million subscribers and is now paying dividends to its shareholders, confirming the operator’s impressive recovery.
This article was republished on the Univers FreeBox website.