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(Bloomberg) — Oracle Corp. is the winning bidder for a deal with TikTok’s U.S. operations, people familiar with the talks said, after main rival Microsoft Corp. announced its offer for the video app was rejected.
ByteDance Ltd., TikTok’s parent, turned down Microsoft’s previous bid to buy TikTok’s U.S. assets. A deal with Oracle is narrower, appearing more like a corporate restructuring than an outright sale, one of the people said.
Early offers from both parties valued the U.S. business at about $25 billion, but that was before Chinese officials weighed in with new rules imposing limits on technology exports, according to people, asking not to be identified as the information isn’t public.
Microsoft, which was working with Walmart Inc., had been seen as the more likely winner, but its talks had cooled in recent days, one person said. Microsoft wasn’t asked to make revisions to its initial offer in the face of recent signs of opposition to a deal from Chinese government officials, the person added.
“ByteDance let us know today they would not be selling TikTok’s US operations to Microsoft,” Redmond, Washington-based Microsoft said in a statement on Sunday. “We …
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