Google reportedly closing in on $1.3 billion deal for Waze traffic app (updated)

Last month news leaked that Facebook might acquire crowdsourced navigation / traffic / mapping app Waze, but now two papers in Israel say Google is about to close the deal. Globes and Calcalist both peg the potential sale price at $1.3 billion US, with the company's development team remaining in Israel after the sale and not moving to the US. Where they will work from is cited by Globes as one reason why negotiations may not have worked out with Facebook, along with the price tag. For those unfamiliar with Waze, the app generates mapping data in real-time based on its nearly 50 million users and reports of accidents or traffic jams.

Update: Not to be left out, the Wall Street Journal also claims that Google is near buying Waze. The newspaper hears that the Waze app could soldier on while Google beefs up its own mapping app with data from its reported target. Likewise, Google Maps information could slip into Waze.