(Bloomberg) — Centricus Asset Management Ltd. is seeking to buy TikTok’s operations in the U.S. and several other countries from ByteDance Ltd. for $20 billion, according to a person familiar with the matter.
Investors led by Centricus, which is based in London, will partner with U.S.-based Triller Inc., another video and music-based social networking app, which would have a minority stake in a newly proposed joint entity, said the person, who asked not to be identified discussing private negotiations. Centricus submitted a bid to Beijing-based ByteDance, this person said, for TikTok’s assets in the U.S., Australia, New Zealand and India, and would be made up of $10 billion in cash up front and $10 billion in profit-sharing from the resulting venture.
The offer would rival those from more established tech industry players, including Microsoft Corp. and Oracle Corp. Walmart Inc. said on Thursday that it has joined Microsoft’s bid.
Centricus and TikTok representatives declined to comment, while Triller didn’t immediately respond to requests for comment.
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