ISLAMABAD ( MEDIA )
Google on Monday announced a $3.2 billion pact to acquire smart thermostat and smoke alarm-maker Nest Labs. It said that Nest will continue to operate as its own distinct brand after the all-cash deal closes.
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.
The deal is the second largest in Google’s history after the $12.5 billion acquisition of mobile phone maker Motorola in 2012.
Larry Page, CEO of Google, said: “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!”
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.”
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.