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News Summary: Google makes waves with Waze deal

The Associated Press

WAZE MAKES WAVES: Google is buying online mapping service Waze for $1.03 billion in an effort to preserve its position as the most popular navigation system available on personal computers, smartphones and tablets.

THE BENEFITS: Google will be able to tap into Waze's technology to provide more useful information about local traffic conditions. Just as important, the deal announced Tuesday keeps Waze out of the heads of Google rivals Facebook Inc. and Apple Inc.

STAYING PUT: Waze, a 5-year-old service, will remain based in Israel while also operating a small office in Palo Alto, Calif. That's near Google Inc.'s headquarters in Mountain View, Calif.