In a significant development for the popular social media app TikTok, the company has finalized an agreement to sell its U.S. operations to a group of American investors. The involved parties include Oracle, Silver Lake, and MGX, ensuring that TikTok can continue its operations within the United States.

According to an internal memo acquired by The Associated Press, the transaction is slated to be completed by January 22. Shou Zi Chew, TikTok’s CEO, communicated to employees that both ByteDance, TikTok’s parent company, and TikTok itself have entered into binding agreements with these investors.

The structure of the new TikTok U.S. joint venture reveals that a consortium of investors, which includes Oracle, Silver Lake, and MGX, will each acquire a 15% stake, collectively owning half of the venture. Additionally, 30.1% will be owned by affiliates of the current ByteDance investors, while ByteDance will retain a 19.9% share of the business, as detailed in the memo.