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Facebook in talks to buy Waze for $1 billion

Posted By Viva Sarah Press On May 9, 2013 @ 7:12 am In | No Comments

Facebook is zoning in on Waze for its third acquisition in Israel, according to local media reports. The business daily Calcalist is reporting that the American social media giant is in advanced talks to acquire the Israeli satellite-navigation application for $800-$1 billion.

The report says talks between the two companies began up to six months ago and cites that due diligence is underway after a term sheet was signed.

Facebook has two other Israeli acquisitions under its belt – in 2011, it paid $70 million for Snaptu and in 2012, bought Face.com for $100 million.

In January, media rumors swirled about a possible buyout of the Israeli company by Apple. But the potential deal was quashed after the American technology giant offered just $500 million for the purchase.

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