Walmart Joins Talks to Buy TikTok
Walmart Joins Talks to Buy TikTok
https://www.nytimes.com/2020/08/27/technology/walmart-tiktok-deal.html
The retail giant said it was teaming up with Microsoft, which has been negotiating for weeks to buy the popular Chinese-owned video app.
By Mike Isaac
Aug. 27, 2020, 12:19 p.m. ET
SAN FRANCISCO — <snip>
In a statement, Walmart said, “We are confident that a Walmart and Microsoft partnership would meet both the expectations of U.S. TikTok users while satisfying the concerns of U.S. government regulators.”
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Prices for a potential deal have ranged from $20 billion to $50 billion, the people with knowledge of the talks have said. But talks are fluid and the situation has been shifting quickly.
Microsoft, with $137 billion in cash and a market value of more than $1.7 trillion, is far larger than other potential acquirers and has the deepest resources.
Dan Ives, an analyst at Wedbush Securities, said in a note to investors that the participation of Walmart was likely “the final piece of the puzzle that ultimately cements Microsoft successfully acquiring TikTok’s U.S. operations for likely $35 billion to $40 billion.”
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Michael Corkery contributed reporting.
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