Sources told the Israeli financial newspaper Globes that Google was acquiring Waze for $1.3 billion. The Bloomberg business news outlet reported Monday that the deal was in its final stages and stood at $1.1 billion. Other American news outlets reported that the deal had already been finalized, but that neither side was commenting on it.

The U.S. stock exchange, where Waze is publicly traded, is expected to receive the first official announcement confirming the sale.

1.3 billion reasons to smile: Senior Waze management in the company’s office – Photo: Yonatan Shaul

The news comes after Google, Facebook and Apple were all rumored to be vying for the company, which uses crowd-sourced traffic data to offer turn-by-turn navigation.

Founded in 2009, Waze is backed by $67 million in funding and has 45 million users, making it one of Israel’s most successful startups.

While the deal is obviously a big (albeit expensive) win for Google, it is perhaps a bigger loss for Facebook, which tried and failed to acquire the company. According to an earlier report, Facebook’s negotiations fell through in part because Waze wanted to keep its employees in Israel, something Facebook did not want.

While Waze is arguably a better fit for Google, it still would have been a good acquisition for Facebook, which does not yet have its own decent mapping solution.

Google has not commented on the reported purchase. “We don’t comment on rumors or speculation,” a company representative said in an email.

Meanwhile, it was also reported on Monday that Economy and Trade Minister Naftali Bennett had been offered the position of Waze CEO, but declined.

“The economy and trade minister was indeed offered the post of CEO after the company he owned was sold, but he preferred to dedicate himself to public service,” Bennett’s bureau said.

View original Israel Hayom publication at: http://www.israelhayom.com/site/newsletter_article.php?id=9901