Oracle, Silver Lake and Abu Dhabi-based MGX will collectively own 45% of the new entity.
ByteDance’s TikTok has signed a deal to sell its US entity to a joint venture controlled by American investors, according to a memo from TikTok CEO seen by Reuters.
The deal, set to close on January 22, would end years of efforts to force the app’s Chinese parent ByteDance to divest its US business over national security concerns.
Oracle, Silver Lake and Abu Dhabi-based MGX will collectively own 45% of the new entity, according to the memo.
Bytedance did not immediately respond to request for comment.
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