Google Inc. is buying digital thermostat maker Nest Labs for $3.2 billion as the Internet search company moves deeper into devices.
Nest, led by former Apple Inc. executives Tony Fadell and Matt Rogers, will continue to operate under its own brand, Mountain View, California-based Google said today in a blog post. The all-cash deal is subject to regulatory review and is expected to close in the next few months, Google said.
Nest, founded in 2010, has developed home thermostats and smoke alarms that have gained popularity as connected devices have become more prominent. Google’s venture arm invested in Nest in 2011 and can now help Nest speed its growth, Nest said in a blog today.
“Google has the business resources, global scale and platform reach to accelerate Nest growth across hardware, software and services for the home globally,” Nest said.