- Google (GOOG) is acquiring Nest Labs, a maker of intelligent thermostats and smoke alarms, for $3.2B in cash.
- Nest, founded by former Apple exec Tony Fadell (sometimes called the godfather of the iPod), has become a darling of the Silicon Valley startup scene by launching innovative, digitally-controlled home products that show an Apple-like design flair (and Apple-like pricing).
- Nest asserts its mission is to "reinvent unloved but important devices in the home." The startup should provide a major boost to Google's home automation efforts (Android will doubtlessly play an important role in them).
- Before the acquisition, Nest was reported to be close to raising funding at a $2B+ valuation. Even in the current environment, the deal's price tag is bound to raise some eyebrows.
- GOOG +0.8% AH.
Google buying digital thermostat/smoke alarm maker Nest for $3.2B
Jan 13 2014, 16:24 ET