Reuters: Technology News: Facebook in talks to buy Israel's Waze for up to $1 billion: report

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Facebook in talks to buy Israel's Waze for up to $1 billion: report May 9th 2013, 06:05 Tweet Share this Email Print Related News Facebook's mobile business expands in first quarter Thu, May 2 2013 Related Topics Tech » Deals » Global Deals Review: 2011 Q3 » Global Deals Review: 2011 Q2 » Global Deals Review » Inflows Outflows » Aerospace & Defense » Facebook » The Facebook logo is pictured in the Facebook headquarters in Menlo Park, California January 29, 2013. Credit: Reuters/Robert Galbraith TEL AVIV | Thu May 9, 2013 2:05am EDT TEL AVIV (Reuters) - Facebook Inc is in advanced talks to acquire Israeli mobile satellite navigation start-up Waze for $800 million to $1 billion, 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 drive with their Facebook friends. This would 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 tripled its user base to 45 million and in March alone, 1.5 million users downloaded the free mobile navigation app, Calcalist said. (Reporting by Tova Cohen; Editing by David Cowell) Global Deals Review: 2011 Q3 Global Deals Review: 2011 Q2 Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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