Google buys Nest Labs for a cool $3.2 billion in cash
Google on Monday announced its biggest purchase since the mid-2012 Motorola deal – the purchase of Nest Labs for $3.2 billion in cash.
Nest Labs produces thermostats and smoke detectors that not only are smart but look good as well. Most interestingly, the founder of Nest is famous former Apple employee Tony Fadell, who’s known for his iPod- and iOS-related work – in fact, he started making Nest thermostats only two years ago, after leaving Apple, and now he will be joining Google.
It’s not clear yet what Google will do with the company now that it owns it, but we wouldn’t be surprised to hear that Nest products will somehow be integrated in Google’s connected home plans. Fadell will remain on board to lead the company, so we can’t but wonder what products the company will release, now that’s part of the Google conglomerate.
What do you think about the Nest acquisition? Do you already own a Nest Labs product?
MOUNTAIN VIEW, CA – JANUARY 13, 2014 — Google Inc. (NASDAQ: GOOG) announced today that it has entered into an agreement to buy Nest Labs, Inc. for $3.2 billion in cash.
Nest’s mission is to reinvent unloved but important devices in the home such as thermostats and smoke alarms. Since its launch in 2011, the Nest Learning Thermostat has been a consistent best seller–and the recently launched Protect (Smoke + CO Alarm) has had rave reviews.
Larry Page, CEO of Google, said: “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!”
Tony Fadell, CEO of Nest, said: “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.”
Nest will continue to operate under the leadership of Tony Fadell and with its own distinct brand identity. The transaction is subject to customary closing conditions, including the receipt of regulatory approvals in the US. It is expected to close in the next few months.