JERUSALEM (JTA) — Talks between an Israeli technology firm and Facebook reportedly broke down over the Israeli company’s insistence on staying in the country.
The navigation company Waze had been in talks to be acquired by Facebook for $1 billion. But the negotiations 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 website AllThingsD, citing sources close to the deal.
A viral Israeli Facebook graphic commanding Waze for their decision to stay in Israel. (Facebook)
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 reportedly is also in talks with Google and Apple.
