Facebook is in advanced talks to acquire Israeli mobile satellite navigation start-up Waze for up to $1 billion.
Due diligence is underway after a term sheet was signed. 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.
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.