Hogan Lovells and Paul Hastings Steer TikTok US Operations Deal (1)

Paul Hastings and Hogan Lovells were among the firms involved in serving investors in TikTok’s newly formed US venture.

The companies advised Oracle Corp.Private equity firm Silver Lake Management LLC and Abu Dhabi investment firm MGX control 50% of new US company TikTok. Existing ByteDance investors will control 30.1% and ByteDance will control 19.9%. The new unit will be tasked with moderating content and protecting U.S. user data.

According to the company, Paul Hastings led Silverlake and MGX. The team is led by M&A co-chair Eric Schiele joined the firm of Kirkland & Ellis in March and Jon Kubek.

Hogan’s team led Oracle, led by partners Keith Flaum and Jalpit Amin. Both attorneys assisted Oracle in its 2021 plans to acquire medical records systems provider Cerner Corp. for around 28.3 billion US dollars.

The TikTok sale closes a half-decade-long regulatory battle that has seen the video-sharing app threatened to shut down in the US over national security concerns. Adam…