On Friday, Oracle (ORCL.US) shares climbed more than 4% in pre-market trading, reaching $187.77 at the time of writing. The surge follows reports that TikTok has signed an agreement to sell its US operations to a joint venture controlled by American investors, resolving long-standing uncertainty over the fate of TikTok's US assets.
The deal is expected to close on January 22. Upon completion, Oracle, private equity giant Silver Lake, and Abu Dhabi-based investment firm MGX will collectively hold a 45% stake in TikTok's US entity and play a significant role in the joint venture.
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