Google Acquires Nest Labs for $3.2 Billion

Google has announced that it has acquired Nest, the smart-home appliance maker behind the Nest Thermostat and Nest Protect smoke detector, for a reported $3.2 million.

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Nest was co-founded by the creator of the first iPod, Tony Fadell and former Apple employee, Matt Rogers. Nest will operate independently of Google, keeping them as a separate company. Below is a photo of Larry Page with Fadell and Rogers.

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A statement released by 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!"

Re/code reports that Google was the only serious bidder for the company and Apple showed no interest in an acquisition.

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