Microsoft Corporation is on course to buy popular short video app TikTok from the Chinese company ByteDance. Microsoft is aiming to finalise the deal by September 15.
The US-based company had said on Sunday that they are in discussions to acquire TikTok, after CEO Satya Nadela had a discussion with US President Donald Trump.
“Microsoft fully appreciates the importance of addressing the president’s concerns. It is committed to acquiring TikTok subject to a complete security review and providing proper economic benefits to the US, including the US treasury,” said Microsoft.
Trump has agreed to give China’s ByteDance a period of 45 days to negotiate the sale of the app.
US officials have said that TikTok, under its Chinese owners, poses a threat in the way it handles its user data with Trump mulling the idea of banning the app.
Microsoft hasn’t said how much it’s willing to spend to acquire TikTok. Reuters had reported last week that ByteDance’s valuation expectations exceed $50 billion.
The negotiations between the two companies will be overseen by the Committee On Foreign Investment In The United States.