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Google buys Waze and puts the squeeze on Facebook and Apple
With Google set to buy app-maker Waze, the question is whether Google actually needs the crowd-sourced traffic app or is simply trying to stick it to its competitors.
On Tuesday, Google confirmed weeks of rumors that it is buying Waze. The company did not disclose the terms of the deal, but early reports put the price between $1 billion and $1.3 billion.
Facebook, a major Google competitor, reportedly had been in serious talks with Waze, as well, looking to continue to beef up its mobile offerings. However, late last month Facebook reportedly ended a bidding war with Google by pulling out of acquisition negotiations. That left the door wide open for Google.