Apple and Facebook in Billion Dollar Battle to Acquire Navigation App

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Apple and Facebook are currently in a billion dollar battle to buy satnav software firm Waze.

Waze is a mobile satellite navigation app. Facebook is allegedly attempting to buy it for $800 million to $1 billion.

But now, Apple has become interested in the app to improve their Maps feature on the iPhone. They may step in with a last minute bid.

Waze is an Israeli company which uses satellite signals from its members' smartphones to create maps and traffic data. It then shares this data with users and offers real-time traffic info. 

Business blog Calcalist said talks about selling the app began six months ago.

It was reported that Facebook's interest in the app is more serious than Apple's.

"You could term the interaction between Waze and Apple as a series of 'dates,' whereas this seems more like an 'engagement," a ZDNet source said. "The deal makes a lot of sense for Facebook, and of course Waze would be getting a lot more money."

Waze already has a partnership with Facebook which started in October 2012. They allowed Facebook users to share their commutes with friends. 

If this deal goes through, it would be Facebook's third acquisition in Israel. It also bought photo sharing app Snaptu in 2011 for $70 million, and facial recognition firm in 2012 for $60 million.

Sources: ZDNet, Daily Mail