TikTok’s parent company ByteDance approved a deal for a new American version of the app with a group of non-Chinese investors, including Oracle, MGX and Silver Lake, after a six-year legal battle.

The new venture will operate as an independent entity overseen by a seven-member American board of directors. Adam Presser, TikTok’s operations head, was appointed as CEO by the Board as one of its first actions.

Silver Lake owns more than 80% of the new venture. Other investors include Michael Dell, the tech billionaire behind Dell Technologies, an Emirati investment firm, among others.

The U.S. TikTok is six years in the making. The app with more than 200 million American users and 7.5 million business accounts was almost banned by Congress. The new deal intends to distance the app from China and address national security concerns that the Chinese government could use the app to surveil American users.

Will Farrell will join Presser as chief security officer of the new venture, overseeing the platform’s data privacy and cybersecurity program.

The U.S. board of directors includes CEO of TikTok Shou Chew, Timothy Dattels, Mark Dooley, Silver Lake’s Egon Durban, Raul Fernandez, Kenneth Glueck and MGX’s David Scott.

More to come…