Iliad founder Xavier Niel has set out plans to acquire Latin American telco group Millicom.

Last week, Millicom confirmed that it received a non-binding expression of interest from one of its shareholders, Atlas Investissement, Niel's investment vehicle.

Atlas, which already owns a 29 percent stake in Millicom, also confirmed in a statement that it's exploring the possibility of an all-cash tender offer for Millicom securities.

Both parties have noted that there's no guarantee that a deal will be agreed.

Millicom operates as Tigo across several Latin American markets, serving around 41 million mobile customers.

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

Telecoms tycoon Niel owns French telecom provider Iliad and has investments across the sector in nine European countries with nearly 50 million active subscribers.

He's also got a 2.5 percent stake in UK telecoms company Vodafone, which he acquired in September 2022.