Google to acquire Nest Labs Inc. for $3.2 billion
Time for another big Google acquisition. The company announced today that it has agreed to acquire Nest Labs Inc., manufacturer of smart thermostats and smoke alarms that's headed up by former Apple executive Tony Fadell. Google will pay a total of $3.2 billion in cash for Nest. Here's what Google CEO Larry Page had to say about the deal:
"Nest’s founders, Tony Fadell and Matt Rogers, have built a tremendous team that we are excited to welcome into the Google family. They’re already delivering amazing products you can buy right now--thermostats that save energy and smoke/CO alarms that can help keep your family safe. We are excited to bring great experiences to more homes in more countries and fulfill their dreams!”
Meanwhile, Nest CEO Tony Fadell offered this statement in regards to the acquisition:
"We’re thrilled to join Google. With their support, Nest will be even better placed to build simple, thoughtful devices that make life easier at home, and that have a positive impact on the world."
The deal is subject to the usual regulatory approvals and is expected to close in the "next few months." Once it does, Google says that Nest will continue to operate as its own brand and that CEO Tony Fadell will continue to lead the company. Google hasn't said exactly what its plans for Nest are, but the company has expressed interest in home automation and smart appliances in the past with projects like Android@Home. The good news is that since the deal is expected to close in the coming months, we may not have to wait long to find out more. Stay tuned.