Google: Nest Labs Inc. acquisition has officially closedAlex Wagner - Editorial Director of News and Content
Well, that didn't take long. Google announced in a Securities and Exchange Commission document filed today that its acquisition of Nest Labs Inc. officially closed on Feb. 7, less than a month after the deal was originally announced. Prior to the transaction, Google held a 12 percent ownership in Nest, but its $3.2 billion cash purchase gives it 100 percent of the smart thermostat and smoke alarm maker.
Google says that its acquisition will benefit both itself and Nest by enhancing its own products and services and giving Nest the opportunity to create new smart products for the home and spread those devices to more countries. Obviously it's a little too early to predict exactly what the companies have planned for the future since the deal closed less than a week ago, but considering Nest's existing products and Google's size, it'll definitely be interesting to see what comes out of the acquisition. Until then, you can peruse Google's 10-K SEC filing for yourself right here. Sounds to me like a great way to kill some time on this fine Wednesday.