Apple (AAPL) Not in Talks to Acquire Social-Navigation Company Waze

January 3, 2013 2:07 PM EST
Apple (Nasdaq: AAPL) will be looking for a maps partner somewhere else besides Waze.

According to CNET today, Apple has not made any indication of acquiring the social-navigation company and discussions are not being held between the two.

Reports earlier had Apple potentially ready to shell out $500 million, $400 in cash and $100 in earn-outs based on performance. Waze was expecting something like $750 million in a potential deal, TechCrunch noted.

News comes as Google (Nasdaq: GOOG) recently launched Google Maps for iOS 6 and it quickly became the top app in Apple's AppStore. Many were expecting the acquisition to bolster Apple's map-making prowess.

Apple is down 0.4 percent Thursday.

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