Xavier Niel’s Atlas Investissement increased its offer to buy Latin America-focused operator Millicom to $4.4 billion, after an initial proposal was deemed too low by the latter’s board.

In a statement the investment company’s subsidiary Atlas LuxCo explained the open offer to shareholders increased from $24 per share to $25.75. The revision reflects a 7.3 per cent increase over the initial offering, which the suitor claims is a “compelling” price.

Atlas is already Millicom’s largest shareholder with a 29 per cent stake, an investment it built up since 2022.

The revised bid delivers “even more value to [Millicom’s] shareholders”, wrote Atlas, adding the figure is above the highest share price reached in the two years to 22 May, the last day of trading prior to “speculation” around a potential public offer for the operator.

It disclosed its interest in purchasing Millicom on 1 July, noting at the time an aim to expand “the reach and capacity of Millicom’s networks and distribution capabilities to grow its customer base”.