Social networking company in talks to acquire Qualcomm-backed traffic navigation app.
Facebook is in advanced talks to acquire Israel-based mobile satellite navigation company Waze for upwards of $1bn, according to an Israeli press report.
The deal, which would be Facebook’s largest acquisition, would give the social networking company a mapping service and allow it to better compete with Google Inc and Apple Inc.
Maps and navigation services have become a key asset for technology companies as consumers increasingly adopt smartphones and other mobile devices.
Waze, whose backers include Qualcomm Ventures, the…
