Centricus, Triller seek to buy TikTok assets for $20 billion

Centricus Asset Management Ltd. and Triller Inc. are 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 London-based Centricus will partner with U.S.-based Triller, 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 and Triller submitted their bid to Beijing-based ByteDance, this person said, for TikTok’s assets in the U.S., Australia, New Zealand and India. The proposal would be made up of $10 billion in cash up front and $10 billion in profit-sharing from the resulting venture, the person said.