Google Inc. 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.
Source: Google
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