While we've seen nothing official, and Facebook has specifically said that it will not comment on speculation, reports have come out that the company is buying mapping/traffic app Waze for up to $1 billion.
TechCrunch points to reports in the Israeli press from Calcalist, Ynet and The Marker (all in Hebrew) indicating that Facebook is in "advanced due dilligence on a deal," and that negotiations have been going on for six months.
TechCrunch's Ingrid Lunden reports: "We have been digging too and have picked up confirmation from a source that both sides have privately confirmed that the deal is happening, and that the pricing reported first by the Calcalist [between $800 million and $1 billion] is accurate."
The deal would apparently be a move for Facebook to capture more mobile users, not unlike its famous Instagram deal.
Reports of Facebook's interest in Waze are nothing new. There was talk that the two companies were in discussions at least as far back as August, when Globes reported, "The purpose of the talks is not known, but the two companies are reportedly headed for collaboration, possibly involving the use of Waze’s application via Facebook. Alternatively, Facebook may acquire Waze."
Waze is an Israeli startup, but its main office is in Palo Alto.