Google to buy Waze
June 10, 2013
Internet search engine Google and Israeli company Waze were in negotiations to finalize a deal worth at least $1 billion (757 million euros), Israeli media reported Sunday.
The two companies had agreed terms and were about to sign for a price exceeding $1 billion, Haaretz daily newspaper wrote on its website. Business daily Globes said the purchase price was $1.3 billion, adding that Google outbid Apple and Facebook in the race to buy the GPS mobile navigation appfor smart phones manufactured by Waze.
The agreement called for Google to pay the full amount in cash, as well as keep Waze's research and development center in Israel for at least three years, Haaretz said without identifying its source.
"Waze will retain its independent identity both as a company and as a brand," the newspaper wrote, adding that Facebook had sought to include the company into its headquarters in California.
Waze has developed a smartphone navigation app, claiming it will allow users to share information on traffic jams, accidents and other traffic-related information in efforts to save time and gas money.
The company has about 100 employees in Israel and 47 million users of its navigation software.
Neither Google nor the Israeli company would confirm or comment on the deal, following requests by several news agencies.
uhe/msh (AFP, dpa, Reuters)