Centricus Asset Management is pushing to acquire TikTok’s assets in the U.S. and other markets for $20 billion, a person with knowledge of the bid told TheWrap on Friday afternoon. The investment firm’s goal is to form a joint venture between TikTok and Triller, the music-focused social media app, which would also take a minority stake in the new venture.
Bloomberg was the first outlet to report the news.
The $20 billion offer — which would include $10 billion in cash and $10 billion in profit splitting — would also include TikTok’s assets in India, Australia and New Zealand. The bid adds to a growing list of companies vying to buy TikTok’s U.S.