Google has confirmed in a press release that it is acquiring Nest Labs, the company behind Nest smart thermostats and fire alarms started by Father of the iPod Tony Fadell. Earlier reports were quickly confirmed along with the transaction price of $3.2 billion in cash in an official announcement posted on the company’s Investor website. In the statement, Google said that Fadell will be staying on board as a Google employee and continuing to run Nest.
Google Inc took its biggest step to go deeper into consumers’ homes, announcing a $3.2 billion deal to buy smart thermostat and smoke alarm-maker Nest Labs Inc, scooping up a promising line of products and a prized design team led by the “godfather” of the iPod. Nest will continue to operate as its own distinct brand after the all-cash deal closes, Google said on Monday. The deal is the second largest in Google’s history after the $12.5 billion acquisition of mobile phone maker Motorola in 2012.