TikTok signs deal to sell US unit to American investor-led venture

 


Dec 18 (Reuters) - ByteDance's TikTok has signed a deal to sell ⁠its U.S. 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 U.S. 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.

(Reporting by Kritika ;Lamba ‍in ​Bengaluru; Editing by Alan Barona)