Israel's Globes newspaper is reporting that Google has agreed to pay $1.3 billion to acquire navigation startup Waze, which markets a free application with about 50 million users. With its interest in Waze, Google is following in the footsteps of Apple and Facebook, both of which recently put out feelers regarding a potential buyout of the company. Google reportedly beat out competitors through the amount of its offer and by allowing the company to remain in Israel, Hagai Golan and Tzahi Hoffman write.

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