Google on Monday announced that it has reached a deal to acquire
Nest Labs, the smart thermostat maker founded by former Apple executive Tony Fadell. The all-cash deal will cost
Google $3.2 billion. "Nest's founders, Tony Fadell and Matt Rogers, have built a tremendous team that we are excited to welcome into the Google family," Google CEO Larry Page said. "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!" Nest will continue to operate under Fadell's leadership. Google's press release follows below.
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