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Google buying Nest Labs for $3.2 billion in cash

Google announced Monday that it is buying Nest Labs Inc. for $3.2 billion in cash. Nest’s products include a home thermostat that can be controlled wirelessly and learn a homeowner’s behavior and a smart smoke and carbon monoxide detector.

“We are excited to bring great experiences to more homes in more countries and fulfill their dreams,” Google CEO Larry Page said in a press release.

Google says Nest will continue to operate independently, under the leadership of Nest CEO Tony Fadell. In a blog post, Fadell said Google would help Nest realize its vision and continue to grow.

“Google has the business resources, global scale and platform reach to accelerate Nest growth across hardware, software and services for the home globally,” Fadell wrote.

Nest was founded in 2010 and has about 300 employees worldwide. Google says the transaction is pending regulatory approval from the U.S. government.

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