TikTok has entered into a legally binding agreement to transfer its US business to a joint venture controlled by American investors—Oracle, Silver Lake and MGX.
As reported by the Associated Press, the transaction is scheduled to close on February 22. The date is specified in a message from TikTok’s chief executive, Shou Zi Chew, to company employees, which the agency reviewed.
Following the completion of the deal, TikTok’s US operations are expected to be brought into line with requirements on “the protection of Americans’ data and US national security.” In particular, the personal data of US users will be stored domestically and managed by Oracle.