|[January 13, 2014]
Google to Acquire Nest
MOUNTAIN VIEW, Calif. --(Business Wire)--
Google (News - Alert) Inc. (NASDAQ: GOOG) announced today that it has entered into an
agreement to buy Nest Labs, Inc. for $3.2 billion in cash.
Nest's mission is to reinvent unloved but important devices in the home
such as thermostats and smoke alarms. Since its launch in 2011, the Nest
Learning Thermostat has been a consistent best seller--and the recently
launched Protect (Smoke + CO Alarm) has had rave reviews.
Larry Page (News - Alert), CEO of Google, said: "Nest's founders, Tony Fadell and Matt
Rogers, have built a tremendous team that we are excited to welcome into
theGoogle 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!"
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 distinct brand identity. The transaction is subject to
customary closing conditions, including the receipt of regulatory
approvals in the US. It is expected to close in the next few months.
About Google Inc.
Google is a global technology leader focused on improving the ways
people connect with information. Google's innovations in web search and
advertising have made its website a top internet property and its brand
one of the most recognized in the world.
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