Google is making yet another big business acquisition and this time it's actually hyping up the deal in a press release. Today, the company announced it will buy Nest Labs for $3.2 billion in cash, with the deal expected to close sometime in the next few months if it is approved by U.S. regulators.
Nest Labs was first started in 2010 by two ex-Apple engineers, Tony Fadell and Matt Rogers, who helped to develop the first iPhone. In 2011, the company announced its first product, the Nest Learning Thermostat, that is supposed to help regulate the heating and cooling of homes and businesses automatically, and thus conserve electricity in the process. In 2013, the company came out with their second product, the Protect smoke and carbon monoxide detector.
Today's press release from Google states that Nest Labs will continue to sell its two products under its own brand name and that Fadell will stay on as the division's leader. He is quoted as saying, "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.”
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