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

Paul Hastings and Hogan Lovells were among the firms involved in guiding managing investors in TikTok’s newly established US entity.

The firms advised Oracle Corp., private equity firm Silver Lake Management LLC and Abu Dhabi investment company MGX to control 50% of the new TikTok US entity. Existing ByteDance investors will control 30.1% and ByteDance 19.9%. The new entity will be tasked with moderating content and protecting US user data.

Paul Hastings guided Silverlake and MGX, according to the firm. Its team is led by M&A co-chair Eric Schiele, who joined the firm from Kirkland & Ellis in March, and Jon Kubek.

Hogan’s team guided Oracle, led by partners Keith Flaum and Jalpit Amin. Both lawyers guided Oracle in its 2021 plans to acquire medical-records systems provider Cerner Corp. for about $28.3 billion.

The TikTok sale concludes a half a decade-long regulatory skirmish that had threatened to shut down the video sharing app in the US over national security concerns. Adam Presser, who was previously TikTok’s head of operations, trust and safety, will lead the American venture as CEO.

Hogan Lovells announced plans to merge with New York firm Cadwalader Wickersham & Taft last month.