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Facebook reportedly buying social mapping app Waze in $1 billion deal

Facebook is understood to be closing in on a deal to acquire Israeli satellite navigation startup Waze for between $800 million (£514.6m) and $1 billion (£643.3m).

Citing Hebrew language business news site Calcalist, Reuters is reporting that a term sheet between the two parties has already been signed and that due diligence proceedings are now at an advanced stage.

The social network and the crowdsourced mapping app have apparently been at the negotiating table for some six months.

A move for Waze would represent Facebook's third major Israel-based acquisition in recent years. In 2011, it bought mobile app development firm Snaptu for $70 million (£45m), while facial recognition specialist was acquired for $60 million (£38.6m) in 2012.

It remains to be seen whether Waze will now migrate its operations to the US or remain based in Israel. Both firms have so far refused to comment on the situation.

"We won't comment on speculation," a Facebook spokesperson said.

A Waze spokersperson reiterated: "We do not comment on rumours or speculation about the business."

Waze is a social sat-nav app that works by pulling a satellite signal from a smartphone and using it to generate real-time traffic reports and transmit mapping data. It currently enjoys a 45 million-strong user base and recently expanded its portfolio by launching a Waze for Windows Phone beta app.