TikTok has completed THE deal for its US entitywith its parent company ByteDance selling most of its stake to a group of non-Chinese investors. The deal was closed before the Trump Administration’s latest deadline, which banned the app in the US unless it was divested from ByteDance, which would retain only 20 percent of the new entity. TikTok investors will own 80 percent, with Oracle, Silver Lake and MGX, an Emirati state-owned investment company, taking 15 percent each. Other investors include the investment firm of Dell’s CEO.

The terms of the deal are the first dropped last month, after TikTok CEO Shou Chew reportedly told employees in a memo that TikTok and ByteDance agreed to a group of investors. This ends a long saga and months of slow progress while the deal is in place, ensuring the app remains available in the US years after it was almost banned in the country.

According to TikTok’s announcement, the joint venture will protect the data of American users in Oracle’s secure US cloud environment. It will also retrain TikTok’s algorithm on US users’ data and handle US content moderation. The entity promises interoperability, as well as, promises that users will still receive international content and, if they are a creator, viewers. “The protections provided by the Joint Venture will also include CapCut, and Lemon8 and a portfolio of other apps and websites in the US,” TikTok said.

The new entity will be governed by a seven-member board of directors, most of whom are Americans. This includes, Shou Chew, the Chief Executive Officer of TikTok, Silver Lake co-CEO Egon Durban, Oracle Executive Vice President Kenneth Glueck and MGX Chief Strategy and Safety Officer David Scott.