Google Buying Nest for $3.2 Billion
Google today announced its intent to buy Nest Labs, makers of the Nest Learning Thermostat, for $3.2 billion in cash.
The transaction is expected to close within the next few months following regulatory approvals. Nest CEO Tony Fadell will remain in place following the completion of the acquisition.
Fadell formerly worked for Apple where he is credited with being the “grandfather of the iPod,” the company’s huge-selling media device.
Prior to the news of the Google acquisition, Nest was reportedly on the verge of completing a round of funding that would have placed the company’s valuation at more than $2 billion.
Nest started in 2011 and has launched both the Nest thermostat and Protect, a combination smoke and carbon-monoxide detector.