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Google completes $3.2B acquisition of smart thermostat maker Nest

updated 09:21 am EST, Wed February 12, 2014

Smart appliance manufacturer purchase finalized by Google

Google has completed its acquisition of smart digital thermostat and smoke detector manufacturer Nest. A filing with the Securities and Exchange Commission shows the purchase of the hardware producer has been finalized and ended on February 7th, with the high-profile acquisition costing Google $3.2 billion in cash. Former iPod designer Tony Fadell will continue to lead the company, reporting to Larry Page.

The 10-K filing, spotted by CNET, shows Google had previously owned approximately 12 percent of the company. Though vague in detail, the filing states the purchase will "enhance Google's suite of products and services and allow Nest to continue to innovate upon devices in the home, making them more useful, intuitive, and thoughtful, and to reach more users in more countries."

Nest Thermostat
Nest Thermostat

Shortly after the deal was announced, Fadell responded to concerns over data privacy by assuring that any changes to the company's privacy policy would be transparent and on an opt-in basis. "At this point, there are no changes," advised Fadell at a conference, "The data that we collect is all about our products and improving them." He also responded to concerns over its relationship with Apple, calling the company a "valued partner" and suggesting it is up to Apple to "figure out whether or not they want to continue."

by MacNN Staff





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