Google announces they will buy Nest (smart home thermostat maker) for $3.2 billion
Heads up, ladies and gents — Google has just announced a big acquisition worth $3.2 billion in cold, hard cash. That money will go toward buying Nest, the company that makes smart home thermostats, smoke alarms and CO2 detectors. The sale was announced on the company’s Investor Relations portal today, with CEO Larry Page commenting on the move:
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!
Google says Nest will continue to operate as its own brand and entity under CEO Tony Fadell, much like what Motorola did after they were acquired by Google in 2012. Google expects the regulatory approvals process to last only a few months, and fully expects the sale to successfully close within the first half of this year.
Nest’s line of products have been at the forefront of the connected home movement, giving folks a very nice option for being able to monitor and adjust home conditions on the go. Their thermostat helps save energy by allowing you to adjust heat and cooling while you’re away from home, so you can leave the thermostat off while you’re at work, and have it cool or heat your home just before you get back for the day.
Nest has also developed a CO2 detector + smoke alarm, so you can make sure your home is safe while you’re out and about by keeping an eye on its condition using your smartphone or tablet.
It’s a big move for Google who has been previously rumored to be working on their own smart home solutions. While we still have yet to see Google’s own plans come to light in official fashion, this sale definitely tells us their hat is in the smart home arena. For more on Nest and what they offer, be sure to take a gander at their website.