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Report: Google-Waze Deal May Be in Jeopardy

The celebration surrounding the high profile buyout deal between internet giant Google and Israeli social mapping application Waze may be short-lived, The New York Post reported Saturday.

According to the Post, the U.S. Federal Trade Commission has opened an investigation into Google’s $1 billion acquisition of the Israeli navigation service.

Two sources told the Post that despite the fact the deal was finalized earlier this month, Google had erred in believing it did not need to submit the deal for review because Waze’s US revenue is less than $70 million.

Last week, Consumer Watchdog called on antitrust agencies to block Google’s acquisition of Waze, because it will give Google Maps, which already has a huge lead over other competitors, an unfair and possibly insurmountable advantage over competitors.

The Post reports that if the FTC concludes Google must divest itself of Waze, Google most likely would have to take any potential loss in re-selling the company.

Apple, Facebook and Microsoft are all reportedly still interested in the company.

…read more
Source: The Algemeiner

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Posted by on June 24, 2013. Filed under Business News,Israeli News. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.