Google said it had closed its anticipated acquisition of Waze, without revealing details of the deal.

According to reports earlier this week, the transaction is likely to have a value of $1 billion-plus.

The search giant said that the Waze product development team will remain in Israel and operate separately “for now”.

Brian McClendon, vice president of Geo at Google, said: “We’re excited about the prospect of enhancing Google Maps with some of the traffic update features provided by Waze and enhancing Waze with Google’s search capabilities.”

In a blog post, Waze said that it chose the acquisition path because “an IPO often shifts attention to bankers, lawyers and the happiness of Wall Street, and we decided we’d rather spend our time with you, the Waze community”.