Microsoft CEO Nadella has reached out to Trump to complete discussions to acquire TikTok by September 15.

BEIJING, Aug. 3 (Xinhua) — Microsoft is ready to press ahead with discussions exploring the acquisition of The Overseas Version of TikTok in the U.S. following talks between CEO Satya Nadella and U.S. President Donald Trump, the company said in a statement on its official blog today.

Microsoft CEO Nadella has reached out to Trump to complete discussions to acquire TikTok by September 15.

Microsoft said it would move quickly to move forward with Byte Dance, the parent company of Tik Tok, within weeks, and in any case to complete the discussions no later than September 15, 2020. In the process, Microsoft looks forward to continuing dialogue with the U.S. government, including President Donald Trump.

The full text is as follows:

Microsoft is ready to continue discussions on the acquisition of TikTok in the United States after talks between Satya Nadela, microsoft’s chief executive, and Us President Donald J. Trump.

Microsoft is fully aware of the importance of addressing the president’s concerns, committed to acquiring TikTok after a comprehensive security review and providing appropriate economic benefits to the United States, including the U.S. Treasury Department.

Microsoft will move quickly to discuss with Byte Dance, The parent company of TikTok, no later than September 15, 2020. In the process, Microsoft looks forward to continuing dialogue with the U.S. government, including with the president.

Discussions with ByteDance will be based on a notification from Microsoft and ByteDance to the Committee on Foreign Investment in the United States (CFIUS). The two companies have advised them of their intention to explore a preliminary proposal that would involve the purchase of TikTok services in the Us, Canada, Australia and New Zealand, and would enable Microsoft to own and operate TikTok in those markets. Microsoft may also invite other U.S. investors to participate in the acquisition in a minority way.

This new structure will build on the experiences that TikTok users currently love, while adding world-class security, privacy and digital security. The service’s operating model will be based on ensuring user transparency and appropriate security oversight by these governments.

Among other things, Microsoft will ensure that all private data of TikTok U.S. users is transferred and remains in the U.S. If any such data is currently stored or backed up outside the United States, Microsoft will ensure that the data is deleted from a server abroad after transfer.

Microsoft thanks the U.S. government and President Trump for their personal involvement in continuing to develop strong security protections for the country.

These discussions are preliminary and there is no guarantee that the transaction involving Microsoft will continue. It is not intended to provide further updates until we have a clear outcome in our discussions.