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Apple and Waze? Not happening after all

A source tells CNET that earlier reports of Apple's purported interest in acquiring the social-navigation service are completely "fabricated."

Apple has no plans to acquire Waze, a maker of social-navigation apps, despite earlier reports suggesting a deal was in the works, CNET has learned.

A source familiar with Apple's thinking has told CNET that reports that Waze would be acquired by the iPhone maker are completely "fabricated." The person told CNET that Apple has no plans to acquire Waze, and discussions are currently not being held between the companies.

Yesterday, TechCrunch cited its own sources, who claimed to have knowledge of negotiations between the companies. Those sources told TechCrunch that Waze was hoping to net $750 million in an Apple buyout, but the iPhone maker was willing to offer only $400 million in cash and an additional $100 million in earn-outs, based on performance.

It was believed that Waze, which has more than 30 million users who share real-time traffic information as they drive around the world, would be a natural complement to Apple's Maps application. [Editor's note: At about 10:50 a.m. PT today, TechCrunch backed off from its earlier story and reported that the deal isn't happening.]

Waze uses information collected from users to deliver improved driving directions. The app also lets users share with others the things they come across on the road, including police car locations, accidents, and other items they deem appropriate for the community.

The erroneous Waze rumor comes just a month after analyst Hans Slob of Rabobank International said that he believed there was a 30 percent chance of Apple offering to acquire TomTom.