Facebook Inc. is said to be in advanced talks to acquire Israeli mobile satellite navigation startup Waze for $800 million to $1 billion, the Israeli business daily Calcalist reported on Thursday. Due diligence is underway after a term sheet was signed, Calcalist said, adding that talks began six months ago. Waze uses satellite signals from members' smartphones to generate maps and traffic data, which it then shares with other users, offering real-time traffic info. Officials at Waze declined to comment on the report. Waze and Facebook partnered in October 2012 when Waze released its updated version that allows users to share their driving information with their Facebook friends. If it goes ahead, this will be Facebook's third acquisition in Israel. It bought Snaptu in 2011 for $70 million and Face.com in 2012 for $60 million. In the last year, Waze has tripled its user base to 45 million. In March alone, 1.5 million users downloaded the free mobile navigation app, Calcalist said.
Facebook in talks to buy Israel's Waze for up to $1 billion
Israeli business daily Calcalist reports that due diligence is underway after agreement is signed to buy the mobile satellite navigation startup • It would be Facebook's third acquisition in Israel after Snaptu for $70 million and Face.com for $60 million.
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