Facebook looking to buy Israeli app for $1 billion

Facebook is in negotiations to buy an Israeli web navigation company for $1 billion.

Facebook approached Waze six months ago but recently upped its bid from $200 million to $1 billion. Waze has refused offers in the past including Apple’s bid for $500 million.

The Waze app provides 44 million subscibers a navigation system which uses real-time information about road conditions in Israel.

As part of the negotiations, Waze has asked to remain in Israel as an independent brand.

Facebook has bought two Israeli applications, including Snaptu for $70 million in 2011 and Face.com for $60 million in 2012.

Last updated: 1:14pm, May 13 2013