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Google has acquired Nest Labs, the company founded by iPod creator Tony Fadell, for $3.2 billion. The smart home startup makes a digital thermostat as well as smoke detector.
Nest had been close to completing a deal to raise upward of $150 million that would have valued it at more than $2 billion, it was reported earlier this month.
Google said the deal, which is subject to regulatory approval, was all cash and that the company would continue to operate under its own brand.
Fadell, a well-respected figure who co-founded Nest along with former Apple software exec Matt Rogers, said in a statement that 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” with Google’s support.
Meanwhile, Google CEO Larry Page complimented the company’s team and the fact that it’s “already delivering amazing products you can buy right now.”
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