Google Acquires Nest for US$3.2 Billion
Google has shelled out US$3.2 billion in cash for the acquisition of Nest Labs. The sale is expected to be completed in the next few months after standard regulatory reviews have taken place.
Acquisition is one of Google's main mode of growth. Just look at their buying history which includes the large acquisition of Motorola Mobility and the smaller capture of companies like Bump and Flutter. The latest investment by Google is US$3.2 billion in cash for Nest Labs.
Nest Labs is perhaps most famous for its Nest Learning Thermostat and the Protect Smoke Detector. Both of them are simple, everyday objects that have been redesigned to be smarter and more energy efficient. Google Ventures had already invested in Nest and now Google has decided to bring the whole show on-board.
Nest Labs wasco-founded by Tony Fadell, who had previously been working at Apple's mobile phone division. Speaking about the acquisition, he stated that Nest products will retain their compatibility with the iPhone and iPad. He also said that the customer's private data will be respected and used only to improve Nest products.
Google acquisition of Nest Labs is expected to be completed in the coming few months and the standard regulatory reviews have been cleared.
Source: Google, Nest via The Verge
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