MOUNTAIN VIEW, Calif.-Google Inc. has reached an agreement to buy Nest Labs for $3.2 billion in cash.
Nest Labs produces home-comfort and home-protection devices such as thermostats and smoke alarms. In 2011, the company debuted the Nest Learning Thermostat, and more recently launched Protect (Smoke + CO Alarm).
Under the terms of the purchase agreement, Nest Labs will continue to operate under the leadership of its CEO, Tony Fadell. The transaction is expected to close in the next few months.
Fadell said that, with Google’s 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.”