Facebook Inc. (Nasdaq: FB) is in advanced talks to buy Israeli navigation and traffic congestion app company Waze Ltd. for $500 million.
Waze declined to respond to queries by "Globes" on the subject. When asked whether Facebook would close the company, as it has done with its previous acquisitions, Waze replied, "Don’t worry, we'll be all right."
There were reports in January that Waze was in talks with Apple Inc. (Nasdaq: AAPL) at a company value of $400 million, but no deal materialized.
If the deal is realized, this will be Facebook's third acquisition in Israel having bought facial recognition company Face.com in 2012 for $60 million, and mobile app company Snaptu for $70 million in 2011. In both cases, the companies were closed down in Israel with the senior executives going to work for Facebook in California.