Facebook Ready to Drop $1B on Waze Purchase

Social networking giant Facebook is apparently in negotiations to buy the social map app Waze in a deal that could hit US$1 billion. The companies are said to have been in negotiations for the past six months and are close reaching an agreement.

Facebook in talks to buy Waze for $1 billionFacebook in talks to buy Waze for $1 billion

Waze is known for its turn-by-turn direction system with map and traffic data that comes from its users. News of the potential deal came via sources talking with the Israeli publications Calcalist, Ynet, and The Marker.

The two companies previously teamed up to let Facebook users share their travels with friends, so they already had a working relationship ahead of the current negotiations. They haven't finalized a deal yet, according to TechCrunch, because they're still working out whether Waze's R&D team will stay in Israel or will move to the United States.

Waze should sound familiar to iPhone users since the company offers an iOS app, and has also provides some data for Apple's Maps service.

Niether company is commenting on the reports, but with the information that's leaked out so far it seems fairly likely Waze will have a new owner soon.