US President Donald Trump has extended the deadline on the proposed shutdown of TikTok’s US operations.

At the same time, US negotiators have met with Chinese counterparts in Madrid to finalize a planned sale of the social media company’s local version. In such a deal, reported by the Wall Street Journal, Oracle, Silver Lake, and Andreessen Horowitz would lead a consortium owning 80 percent of TikTok US.

Existing investors Susquehanna International, KKR, and General Atlantic will be a part of that group.

Chinese investors would still own the remaining 20 percent, while the Chinese state said that parent company ByteDance would license the platform’s algorithms to the new business. How much control ByteDance will have over the final algorithm is still a matter of debate.

While it is not entirely clear that he has legal authority to do so, Trump issued an executive order moving TikTok’s US ban date to mid-December to allow the deal to be finalized.

The TikTok ban was passed by the House, Senate, and then-President Joe Biden, but has been extended by Trump four times.

Oracle has long led acquisition discussions, and was set to acquire the business in partnership with Walmart during a separate ban attempt under Trump’s first term. While that deal fizzled with Trump’s election loss, TikTok moved its US cloud services to Oracle in an attempt to assuage national security fears.

Under the new deal, should it occur, Oracle would continue to serve as TikTok US’ cloud provider.

“We’ve got a deal on TikTok. I’ve reached a deal with China. I’m going to speak to President Xi [Jinping] on Friday to confirm everything,” Trump said. “These are very big companies that want to buy it.”