TikTok signs deal to sell U.S. unit
Change
TikTok signed binding agreements to sell its U.S. business to three American investors—Oracle, Silver Lake and MGX—with the new U.S. joint venture to be owned 50% by the investor consortium (15% each), 30.1% by affiliates of existing ByteDance investors, and 19.9% retained by ByteDance, and the transaction is expected to close on January 22.
Why it matters
ByteDance and TikTok signed binding agreements with Oracle, Silver Lake and MGX to form a new U.S. joint venture. The joint venture ownership is allocated 50% to the new investor consortium, with Oracle, Silver Lake and MGX each holding 15%. Affiliates of existing ByteDance investors will hold 30.1% and ByteDance will retain 19.9%. The transaction is expected to close on January 22 and applies to TikTok's U.S. business.
Implications
- • U.S. unit governance will be structured according to the agreed ownership percentages, reflecting majority ownership by the American investor consortium.
- • ByteDance's ownership and voting exposure in the U.S. unit is limited to 19.9%.
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Topics
Governance Regulatory Actions Mergers & Acquisitions Big Tech Social Media