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MOUNTAIN VIEW, Calif. — Google Inc. announced that it has entered into an agreement to buy Nest Labs Inc., manufacturer of the Nest Learning Thermostat, for $3.2 billion in cash.
Nest Labs launched the Nest Learning Thermostat in 2011, and last year introduced a smoke and carbon monoxide (CO) alarm called the Nest Protect.
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.”
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 brand identity. The transaction is subject to customary closing conditions, including the receipt of regulatory approvals in the United States. It is expected to close in the next few months.
For more information about Nest, visit https://nest.com.
Publication date: 1/13/2014