SCHEDULE: Millicom Share Option Hedging Period Extended

Atlas Investissement and its financial counterparties amended call spread option terms for Millicom shares, extending the initial hedging period.

Summary

• Atlas Investissement SAS, along with Iliad Holding SAS, Maya SAS, and the Niel Family (Xavier, Jules, John, Elisa, and Joseph Niel), beneficially owns 70,470,018 Common Shares of Millicom International Cellular S.A., representing 42.2% of the outstanding class.
• This document is Amendment No. 22 to the initial Schedule 13D, which was originally filed on February 24, 2023.
• Atlas Investissement previously entered into European-style call spread option transactions on August 20, 2025, with unaffiliated third-party financial institutions including Credit Agricole Corporate and Investment Bank, Natixis, and Societe Generale.
• These transactions provide economic exposure to Millicom Common Shares between lower and upper strike prices for up to 1,111,111 shares per tranche.
• The options are exercisable in 40 separate tranches of approximately equal size, with staggered expiration dates on successive trading days, and can be settled in Common Shares or cash.
• On September 2, 2025, an amendment was made to the confirmations of these Share Option Transactions.
• The amendment extends the 'Initial Hedging Period' from the 10th Exchange Business Day to the 20th Exchange Business Day following August 20, 2025.

Sentiment

Score: 5

Explanation: The filing details a procedural amendment to an existing call spread option transaction, extending a hedging period. This is a neutral update without explicit positive or negative financial implications disclosed.

Future Outlook

The amendment extends the 'Initial Hedging Period' for the existing call spread option transactions, providing the financial institutions with a longer timeframe to manage their hedging activities related to the options.

Industry Context

This filing is a specific amendment to a financial instrument held by a significant shareholder and does not provide broader industry context or trends.

Related Party Transactions

• The Niel Family (Xavier, Jules, John, Elisa, and Joseph Niel) may be deemed to have shared beneficial ownership over the Common Shares held by Atlas Investissement, Iliad Holding, and Maya due to their controlling positions within this ownership structure.

Stakeholder Impact

• Shareholders: The extension of the hedging period for the call spread options may subtly influence market dynamics related to the underlying shares, but no direct immediate impact on shareholder value is explicitly stated.

Next Steps

• The call spread option transactions will continue to be exercisable in 40 separate tranches with staggered expiration dates, subject to the amended hedging period.

Key Dates

Recommendation

This filing is a routine amendment to an existing call spread option transaction, extending a hedging period. It does not present new fundamental information about Millicom International Cellular S.A. or Atlas Investissement's long-term strategy that would alter an investment recommendation. The significant beneficial ownership by Atlas Investissement remains a known factor.

Keywords

Millicom, Atlas Investissement, Schedule 13D, Share Option, Call Spread, Hedging, Equity, Investment, Telecommunications