(Bloomberg) -- Oracle Corp. is the winning bidder for a deal with TikTok’s U.S. operations, a person familiar with the talks said, after main rival Microsoft Corp. said its offer for the video app was rejected. ByteDance Ltd., TikTok’s parent, rejected Microsoft’s previous bid to buy TikTok’s U.S. Operations. A deal with Oracle is narrower, appearing more like a corporate restructuring than an outright sale, this person 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, and the terms may have also changed, the people said, asking not to be identified as the information isn’t public. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter.

Source: Mint September 14, 2020 00:22 UTC