Report: Talks between Waze and Facebook break down

JERUSALEM (JTA) — Talks between the Israeli navigation technology firm Waze and Facebook reportedly have broken down over the Israeli company’s insistence on staying in country.

The talks, under which Waze would be sold to Facebook for $1 billion, reportedly broke down over Waze officials’ stipulation that the company’s managers and employees remain in their Raanana, Israel headquarters instead of relocating to Menlo Park, Calif.

The report of the breakdown in talks was reported Wednesday by the “AllThingsD” website, citing sources close to the deal.

Neither Waze, a free downloadable navigation app with more than 34 million subscribers, nor Facebook has publicly addressed reports of a breakdown in negotiations.

Waze released an updated version last October that allows users to post their trip on Facebook.

Waze reportedly is also in talks with Google and Apple.