Google Buys Nest for $3.2 Billion in Cash

Google has entered into an agreement to acquire Nest, the business behind the smart thermostat and smoke detector, for $3.2 billion in cash.

“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," Larry Page, cofounder and CEO of Google, said in a statement. "We are excited to bring great experiences to more homes in more countries and fulfill their dreams!”

Nest was founded by Tony Fadell, a former Apple employee who is credited with being the brains behind the iPod, in 2010. Fadell will continue to run Nest and the company will operate as a standalone brand under Google. Read more...