13:16 14 January 2014
Google is in the process of closing an all cash-deal to buy California-based Nest Labs for $3.2bn.
The start-up company is the maker of internet enabled thermostats and smoke alarms which allow people to remotely monitor and control parts of their home using their smartphone.
The company was founded by Tony Fadell who previously worked for Apple and is known in technology circles as ‘the godfather of the iPod’.
Nest Labs launched its first thermostat in 2011 and claimed that it went on to sell the product to more than one million homes in the United States. Late last year, the company has launched its smoke alarms in the United Kingdom.
This is Google’s second biggest deal next to the whopping $12bn Motorola acquisition in 2012. Google said that Nest will continue to operate as a distinct brand after the deal was finalised.
Tony Fadell, chief executive of Nest, said in a statement: “We’re thrilled to join Google. With their support, Nest will be even better placed to build simple, thoughtful devices that make life easier at home, and that have a positive impact on the world.”
Another giant company that made an acquisition this week is Facebook who snapped up New York-based link sharing services Branch for $15million.
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