According to reports from Axios, The Hollywood Reporter, and CNBC, TikTok has successfully reached an agreement to divest its US operations. In a memo sent out on Thursday, CEO Shou Zi Chew informed employees that the transaction is set to conclude on January 22nd. Under the terms of the deal, Oracle, Silver Lake, and Abu Dhabi’s MGX will collectively acquire a 45 percent stake, while ByteDance, the app’s parent company in China, will retain a 20 percent share.

Axios further details that the remaining ownership will be held by affiliates connected to current ByteDance investors. Earlier this year, TikTok faced a potential shutdown in the US due to a law that mandated either divestment or a ban. President Donald Trump provided several extensions throughout the year to finalize a sale of its US operations. In September, a tentative agreement between the US and China was reached, leading to another deadline extension until December 16th.

In a message highlighted by The Hollywood Reporter, Chew praised the dedication of the team, stating, “Your efforts keep us operating at the highest level and will ensure that TikTok continues to grow and thrive in the U.S. and around the world.” He emphasized that with the new agreements, the company’s focus should remain on delivering value to its users, creators, and the global community.

The reports also mention that the US division of TikTok will utilize an algorithm initially developed by ByteDance, which Oracle will retrain on American user data under its control. TikTok has yet to provide a comment to The Verge regarding these developments.