Nest acquired by Google for $3.2 billion.
Google, Inc., a global technology leader, announced an agreement today to purchase Nest. Nest is best known for its product, Nest Learning Thermostat, but has also recently launched Protect, a Smoke and Carbon Monoxide detector/alarm. Nest has had a long-time mission of taking ‘unloved’ products in the home and making them smart, beautiful, thoughtful things. Since its launch in 2011, the Nest Learning Thermostat has been a best seller and at some times, hard to find on store shelves. Nest executives seem to be thrilled about the acquisition:
“We’re thrilled to join Google,” said Nest CEO, Tony Fadell. “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.”
Fadell will continue to oversee Nest operations and ensure it has its own distinct brand identity.
The acquisition is reported to worth $3.2 billion in cash. The transaction is subject to customary closing conditions and will most likely close within the next few months.
Read more about the acquisition in the Nest Blog: Welcome Home.