Centricus, Triller offer $20 billion joint bid for TikTok's US, India, Australia & NZ units: Report
The offer by Centricus and Triller joins the bids made by US giants like Microsoft, Oracle and Walmart; Twitter and Alphabet
August 29, 2020 / 10:22 AM IST
London’s Centricus Asset Management and US-based video networking app Triller Inc. have joined in the race to acquire TikTok from ByteDance in a multi-country deal, Bloomberg reported.
A source told Bloomberg the two companies have jointly offered a $20 billion deal — comprising $10 billion upfront and $10 billion in profit sharing from the venture, to acquire TikTok’s operations in India, Australia and New Zealand along with its US-unit.
Investors from the two companies have proposed a new joint entity where Triller would hold minority share. They have already submitted their bid to ByteDance, the source added.
Moneycontrol could not independently verify the report.
The offer joins bids made by US giants Microsoft, Oracle and Walmart; Twitter and Alphabet.
TikTok’s spokespeople have, however, dismissed the development, with one questioning “What’s Triller?” and another calling the potential deal “preposterous.” Meanwhile, Centricus confirmed the offer proposal to Bloomberg, while Triller did not respond, the report said.
Companies have moved to acquire TikTok’s US business after President Donald Trump put out an executive order effectively banning the Chinese app in the US if it is not owned by an American company. The order will come into effect from mid-September – 90 days after the executive order.
Trump cited national security concerns. India too has banned 59 Chinese apps, including TikTok for the same reason following border clashes with Chinese troops in Ladakh in June.