Facebook eyeing $1 billion Waze GPS app deal

Social media giant Facebook is in talks with Israel-based GPS mobile app Waze for a deal worth a whopping one billion dollars.

Last Updated: May 11, 2013, 18:29 PM IST

Paris: Social media giant Facebook is in talks with Israel-based GPS mobile app Waze for a deal worth a whopping one billion dollars.

In a report by France24, the app will help Facebook expand its reach to the larger community of drivers by helping them deal with traffic jams and get directions online.

While Facebook refused to comment on the report, if the deal is made it will be second in the history of Facebook`s hefty deals. Last year Facebook made a deal with Instagram for 747 million dollars that initially was at one billion dollars, the report said.
The drop in Facebook`s shares is considered the prime reason for the dip in its deal prices.

ANI