Microsoft confirms TikTok acquisition talks: 5 important things to know

Microsoft also said that it will ensure that all private data of TikTok’s America users is transferred to and remains in the US.

Microsoft could purchase TikTok's US business. (Microsoft)

The word is out! Microsoft has finally confirmed that it is in with advanced talks with ByteDance to purchase TikTok's US business.

Microsoft in a blog post said that the Microsoft CEO Satya Nadella has had a conversation with US President Donald Trump. Following the conversation, the company has decided to go ahead of with the discussions to purchase TikTok's US business.

“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 United States, including the United States Treasury,” the company said in a statement.

Here are five important things you should know about the deal:

-- Microsoft said that it will move quickly in pursuing discussions with ByteDance and these discussions will conclude by September 15, 2020.

-- The company also said that while it is discussing the matter with ByteDance, it will also pursue discussions with the US government, including the president.

-- The purchase by Microsoft will involve the service provided by TikTok in the US, Canada, Australia and New Zealand. Microsoft can invite other American investors to participate on a minority basis in the purchase.

-- Microsoft also said that it will ensure that all private data of TikTok's America users is transferred to and remains in the US. All the data that is saved on the servers outside will be transferred to servers within the country and deleted from the outside servers thereafter.

-- Lastly, Microsoft said that these discussions are preliminary and that they may or may not result in a final deal.