TikTok’s US business has received regulatory approval from both China and the US, clearing the way for a sale to a consortium led by Oracle and Silver Lake, Semafor reported Thursday, citing sources with knowledge of the matter.

The deal concludes a yearslong regulatory dispute and restructures US operations under mostly American ownership. The transaction should close this week to satisfy US deadlines.

As part of the agreement, ByteDance, the popular video-sharing app’s owner, will retain under 20% of the US business. Oracle, Silver Lake, and MGX, a UAE state-owned investment firm focused on AI, will each hold 15% stakes.

The new US-based entity will control data protection, content moderation, and algorithm security and will be governed by a seven-member American-majority board.