Google grabs Nest in $3.2 billion deal; former iPod boss Fadell to stay in charge
Google has acquired Nest, the company behind the Nest learning thermostat, as well as the Protect, a smart smoke detector, for $3.2 billion. Nest will continue to exist as its own distinct brand within Google, much like Motorola, and will still be run by current CEO Tony Fadell. Fadell said that he believes that this move will put Nest in a better position to create more of the devices that the company has become known for, according to the announcment from Google:
“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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Source: Google Investor Relations