After two days of intense negotiations, EU President Donald Tusk announced the deal on Twitter late Friday in Brussels.
"Deal. Unanimous support for new settlement for #UKinEU," Tusk tweeted.
Cameron said he "negotiated a deal to give the U.K. special status in the EU" that would mean it could opt out of "ever-closer union," that it would "never join the euro" currency and that "tough new restrictions" on foreigners using its welfare state would be put in place.
He said he would ask his cabinet to approve the deal on Saturday. No date for the referendum has been set, but it may come as early as June. Polls show the British public is closely divided on the issue.
Cameron sought EU reforms in four key areas: economic competitiveness, members' sovereignty rights, welfare policies and the free movement of labor. The prime minister, who says he wants to Britain to remain a member of the EU, had vowed to get what he feels is a better deal for British interests ahead of the vote.
EU Commission President Jean-Claude Juncker in a tweet called the deal "fair for UK, fair for 27 EU states."
Eastern European members of the EU objected to proposals made by Cameron that would restrict access to some social welfare benefits by EU workers living in the United Kingdom. France does not want Britain's financial industry, with which it competes for business, to be more lightly regulated than its own.
The EU said it would hold a migrants summit with Turkey in March following talks at the meeting. “(The EU-Turkey) joint action plan with Turkey remains a priority and we must do all we can to succeed,” EU chief Donald Tusk said.
The EU has promised Turkey billions of dollars as well as concessions over its ambitions to join the group in return for more help clamping down on the number of people try to reach Europe. More than 2 million Syrian refugees are in Turkey.
A specific date for the summit has not been set. Greek Prime Minister Alexis Tsipras, German Chancellor Angela Merkel and French President Francois Hollande were meeting on the sidelines of the summit Friday to discuss the migration crisis.
