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What does Facebook want with Waze?

Reports indicated that Facebook is in talks to buy Waze, an Israeli-based maker of GPS and mapping apps, for a whopping $1 billion. 

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Facebook is gearing up for an acquisition of Waze, the Israeli-based GPS app maker. 

That's the report today from a range of Israeli publications, including business paper Calcalist, which puts the deal at $1 billion – roughly the same price Facebook paid for photo streaming service Instagram. Big caveat here: Neither Facebook nor Waze is confirming the reports. ("We don't comment on rumor or speculation," a Facebook rep said in a statement to CNET.) 

But according to Ingrid Lunden at TechCrunch, who spoke to a source with knowledge of the talks, an acquisition is definitely in the offing. 

"The main issue right now, the source said, is whether to keep Waze in Israel or take it to the US, as Facebook did with two previous Israel acqusitions," Lunden notes. "Those were of feature phone interface developer Snaptu (bought for up to $70 million in March 2011) and facial-recognition specialist Face.com (bought in June 2012 for $50-60 million)." 

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