In the memo, TikTok said the deal will enable "over 170 million Americans to continue discovering a world of endless possibilities as part of a vital global community".
Under the agreement, ByteDance will retain 19.9% of the business, while Oracle, Silver Lake and Abu Dhabi-based MGX will hold 15% each.
Another 30.1% will be held by affiliates of existing ByteDance investors, according to the memo.
The White House previously said that Oracle, which was co-founded by Trump supporter Larry Ellison, will license TikTok's recommendation algorithm as part of the deal.
The deal comes after a series of delays.
In April 2024, during President Joe Biden's administration, the US Congress passed a law to ban the app over national security concerns, unless it was sold.
The law was set to go into effect on 20 January 2025 but was pushed back multiple times by Trump, while his administration worked out a deal to transfer ownership.
Trump said in September that he had spoken on the phone to China's President Xi Jinping, who he said had given the deal the go ahead.
The platform's future remained unclear after the leaders met face to face in October.
The app's fate was clouded by ongoing tensions between the two nations on trade and other matters.
"TikTok has become a bargaining chip in the wider US-China relationship," said Alvin Graylin, a lecturer at the Massachusetts Institute of Technology.
"With recent softening tensions, Beijing's sign off on the structure and algorithm licensing now looks less like capitulation and more like calibrated de-escalation, letting both capitals claim a win at home."
