About Atlas Investissement

Atlas is a specialist investment vehicle focused on the telecoms sector. It is a long-term industrial investor that sees the potential for further development and profitable growth in the sector.

Atlas is an investment vehicle indirectly held by Xavier Niel, a recognised entrepreneur and major long-term investor in the telecoms sector across several European and African markets. Overall, Xavier Niel has telecoms investments in nine countries in Europe with nearly 50 million active subscribers combined and more than €10 billion in revenues. He is the  owner of iliad, a leading telecoms provider present in France, Italy and Poland, as well as NJJ Holding, an investor in telecoms assets including in Switzerland and Ireland. 

Telecoms industry leadership

Telecom assets of Atlas Investissement’s owner

  • Fixed Subscribers: 7.0m
  • Mobile Subscribers: 13.9m
  • Revenues: €5.2bn (FY21)
  • Mobile Sites: 22,400
  • Homes Passed*: 28.6m

Fiber sockets

  • Fixed Subscribers: 0.1m
  • Mobile Subscribers: 9.1m
  • Revenues: €0.8bn (FY21)
  • Mobile Sites: 9,600
  • Homes Passed*: 7.6m

Via wholesale agreement with Openfiber

  • Fixed Subscribers: 1.9m
  • Mobile Subscribers: 12.7m
  • Revenues: €1.6bn (FY21)
  • Mobile Sites: 10,000
  • Homes Passed*: 6.7m

3.7m owned and 3.0m via wholesale agreements

  • Fixed Subscribers: 0.2m
  • Mobile Subscribers: 1.8m
  • Revenues: €1.0bn (FY21)
  • Mobile Sites: 3,300
  • Homes Passed*: 1.6m

FTTH wholesale agreements with utilities

  • Fixed Subscribers: 0.6m
  • Mobile Subscribers: 1.3m
  • Revenues: €1.3bn (LTM as of December 2021)
  • Mobile Sites: 2,200
  • Homes Passed*: 2.0m

FTTH & FTTC only








Atlas Investissement’s owner has a strong track record of outperforming the telecom sector

Q3 2023 Y-on-Y organic growth, European operations


Atlas has acquired an approximately 2.5% interest in Vodafone Group PLC and a 29.1% interest in Millicom International Cellular SA.

Atlas continues to monitor a range of possible investment opportunities in the telecoms sector.


Atlas refers to Atlas Investissement and its subsidiaries and affiliates, which are part of the NJJ Holding group.


Vodafone led the development of the mobile sector in the early 2000s and its leadership and entrepreneurial spirit at that time were a true inspiration to other telecoms startups. 

Atlas sees Vodafone as an attractive investment opportunity that offers scope for significant value creation.

Atlas is supportive of Vodafone's publicly-stated intention to pursue consolidation in selected geographies, as well as its efforts in infrastructure separation.

Atlas's view is that there are opportunities to accelerate both the streamlining of Vodafone's footprint and the separation of its infrastructure assets, further reduce costs, improve profitability, accelerate broadband development in Germany and other geographies, and enhance its focus on innovation.

Atlas has disclosed its investment in Vodafone on a voluntary basis and will comply with any regulatory disclosure requirements that may be required in the future.

Atlas has identified Millicom as an attractive investment opportunity thanks to its strong position as a regional market leader in Latin America, high-quality assets and strong brand.  Atlas is supportive of the strategy Millicom presented in February 2022 and its Board and management team. The team has shown a solid track record of execution, including in-market growth, the full exit of its African operations and the development of its Fintech activity Tigo Money. As a long-term industrial investor and a major shareholder, Atlas has had representation on Millicom’s Nomination Committee since 23 March 2023 and on the Board of Directors since the AGM on 31 May 2023.  

Atlas is constantly reviewing its investment positions and may, at some point, increase its stake, subject to market, business and other conditions. Atlas will comply with any regulatory disclosure requirements that may be required in the future. 

For more information, please refer to the following regulatory filings made by Atlas: 

Note: treasury shares of Millicom are excluded in the percentage computations set out in the Schedule 13D and 13G filings above, while such treasury shares are included in percentage computations in the Luxembourg CSSF filing above.

Atlas is a long-term industrial investor looking to support the development and profitable growth of the telecoms sector through targeted investments in assets that offer opportunities for significant value creation.

Xavier Niel, who owns Atlas, has significant expertise in the telecoms sector and an outstanding track record of innovation and strategy execution. He is a successful entrepreneur with a 30 year track record of innovation in the sector. He has created one of the fastest-growing operators in France and in Italy, and successful telecom businesses in Poland, Switzerland and Ireland.

Today nearly 50 million active subscribers – more than 1 in 10 Europeans – uses iliad or NJJ-owned or affiliated networks.

Atlas monitors a range of possible investment opportunities in the telecoms sector. 

Media contacts

Louise Tingström / Cornelia Schnepf