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Google to buy Nest Labs for $3.2B

Posted: 15 Jan 2014 ?? ?Print Version ?Bookmark and Share

Keywords:acquisition? Google? Nest Labs?

Google has announced that it is in an agreement to purchase Nest Labs for $3.2 billion in cash. The deal is expected to be finalised in the next few months.

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 sellerand the recently launched Protect (Smoke + CO Alarm) has been positively received.

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.

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