Facebook in talks to buy Waze for $1 billion

Israel’s business daily ‘Calcalist’ reports that a term sheet between the companies has been signed.

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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About Viva Sarah Press

Viva Sarah Press is an associate editor and writer at ISRAEL21c. She has extensive experience in reporting/editing in the print, online and broadcast fields. Her work has been published by international media outlets including Israel Television, CNN, Reuters, The Jerusalem Post and Time Out.