Microsoft CEO Satya Nadella. Photo credit: World Economic Forum/swiss-image.ch/Moritz Hager, under Creative Commons license

On the heels of reports of Microsoft looking to acquire TikTok, the Redmond, Washington-based software company has itself formally confirmed that it’s actually in talks to acquire the social media sensation from its Chinese owner, ByteDance Technologies. According to an announcement from Microsoft, acquisition talks began after a conversation between the company’s CEO, Satya Nadella, and U.S. President Donald Trump, who has himself threatened to ban TikTok in the U.S. supposedly over its Chinese ties.

Microsoft says that it’ll “move quickly to pursue discussions” with TikTok’s owner, ByteDance, with a deadline set on the 15th of September 2020. The software giant also notes that intends to continuing dialogue with the U.S. government over its intended purchase. Microsoft’s intended deal is to acquire TikTok’s operations in the US, Canada, Australia, and New Zealand. The company says it may invite other investors to participate in the intended takeover.

Under the terms of the proposed acquisition, Microsoft says that it’ll ensure all private data of TikTok’s American users is transferred to and remains in the US.