Report: Facebook buying nav/traffic app Waze for $1B?

[Haltech]

Filed under: Technology, Earnings/Financials



TechCrunch reports that Facebook is moving to purchase the navigation and traffic app Waze for a lofty sum. The buy would be the latest in a long line of high-dollar acquisitions by the social networking site, and both sides of the acquisition have reportedly entered into advanced due diligence after negotiations began six months ago. Early estimates put the payout somewhere between $800 million and $1 billion... if both sides can overcome a few stumbling blocks. The biggest of those is whether or not Waze will remain based in Israel or if it will relocate to the US.

While both companies are remaining silent about the potential purchase, such a move makes sense. Facebook is constantly refining its mobile experience, and the site boasts 751 million active monthly mobile users. That's a jump of 54 percent over last year, outpacing Facebook's desktop growth by nearly double, and the site would surely benefit by offering its mobile users navigation functionality.

Interestingly, this apparently isn't the first time Waze has found itself the object of a larger entity's lust - Apple reportedly showed interest in the company not so long ago.Facebook buying nav/traffic app Waze for $1B? originally appeared on Autoblog on Mon, 13 May 2013 10:15:00 EST. Please see our terms for use of feeds.



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