Google Closing In on Purchase of Waze, Report Says

RISHON LeZION, Israel (TheStreet) -- Google (GOOG) is nearing completion of a $1.3 billion deal to acquire Waze Inc., the Israel-based mobile mapping and navigation company, according to the Globes, an Israeli business publication.

Google declined to comment on the report, the Globes said.

The report Sunday comes after months of speculation that Waze, a startup with nearly 50 million users, would be acquired by either Facebook ( FB) or Google. Apple ( AAPL) had been reported to be interested in the navigation company, but CEO Tim Cook told AllThingsD in May that Apple had not bid on the company.

Waze describes itself as "the world's fastest-growing community-based traffic and navigation app." Its free mobile app allows users to avoid traffic problems by making use of reports that other users file about road conditions.

This article was written by a staff member of TheStreet.

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