(Bloomberg) -- The U.S. and European Union reached a new deal to facilitate trans-Atlantic data transfers, in a last- minute agreement designed to safeguard privacy and protect technology giants and multinationals from being plunged into legal limbo.

The EU said the new pact -- called the EU-U.S. privacy shield -- will provide citizens with robust privacy protection and the right to judicial review. Negotiators made the breakthrough Tuesday as national regulators threatened to impose tight restrictions on how firms move information across the Atlantic.

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