French billionaire Xavier Niel has submitted a bid for Latin American telecoms group Millicom that values the carrier at $4.1 billion.

Niel, the founder of Iliad Group, submitted the bid through his investment vehicle, Atlas Investissement.

The company’s subsidiary Atlas Luxco said it was offering $24 per share.

However, last week an independent committee of Millicom board members said the offer "significantly undervalues Millicom and would not be in the best interests of Millicom's shareholders."

In a statement, Atlas said that its offer will ensure the company can expand its reach.

"The purpose of the offer is for Atlas to continue to support the company in the execution of its strategic plan," it said. "Specifically, Atlas wants to continue expanding the reach and capacity of Millicom’s networks and distribution capabilities to grow its customer base and better leverage its comprehensive telecom expertise.

"Atlas believes that the company will benefit from the Purchaser Group’s long-term knowledge and experience in the telecoms sector across numerous jurisdictions, as well as the creation of potential synergies that will allow Millicom to be better equipped to focus on long-term business goals, including pursuing any potential strategic transactions and acquisitions."

Atlas already owns a 29 percent stake in the company.

Millicom operates as Tigo across several Latin American markets, serving close to around 50 million mobile customers.

Atlas is the biggest stakeholder in the telco, first scooping a seven percent stake in the telco back in 2022.