Oracle (NYSE:ORCL) and Walmart (NYSE:WMT) issued a joint statement confirming earlier reporting about their proposed deal with ByteDance (BDNCE) over TikTok's U.S. business.

Earlier, President Trump said he approved the deal "in concept," and Oracle and Walmart say Trump's announced that ByteDance got approval to resolve outstanding issues in the deal.

That now includes Oracle and Walmart together investing to acquire 20% of the newly formed TikTok Global business, designed to provide all TikTok services to users in the United States, and to most of the users in the rest of the world.

A separate Walmart statement noted it's tentatively agreed to acquire 7.5% of TikTok Global (along with commercial agreements to provide ecommerce, fulfillment, payments and other omnichannel services to the company) - suggesting Oracle's in for 12.5%. Oracle will also be TikTok's secure cloud provider.

TikTok global will be "majority owned by American investors" including Oracle and Walmart, the companies say. The five-member board of directors will feature four Americans.

"All the TikTok technology will be in possession of TikTok Global, and comply with U.S. laws and privacy regulations. Data privacy for 100M American TikTok users will be quickly established by moving all American data to Oracle's Generation 2 Cloud data centers, the most secure cloud data centers in the world," the companies say.

And TikTok Global will create more than 25,000 new jobs in the U.S. and pay more than $5B in new tax dollars to the Treasury.

It also plans to build an initiative to develop and deliver an AI-driven online video curriculum for children, and set an initial public offering to be listed on a U.S. exchange within 12 months.

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Oracle, Walmart fill in details of investment in TikTok Global - Seeking Alpha