Google Buys 'Smart' Appliance-Maker Nest Labs for $3.2 Billion
Google (GOOG) said Monday it agreed to buy intelligent home appliance startup Nest Labs for $3.2 billion in cash.
The Mountain View, Calif.-based tech giant will help expand into more countries Nest's suite of smart appliances.
"They're already delivering amazing products you can buy right now -- thermostats that save energy and smoke/CO alarms that can help keep your family safe," Google CEO Larry Page said in a statement.
Nest Labs will continue to operate under the leadership of Tony Fadell with its own distinct brand identity.
The transaction is expected to close within the next few months pending regulatory approval and other customary closing conditions.
Google has invested billions of dollars in a acquiring a slew of next-generation tech startups in recent months as it looks to expand its footprint.
It bought travel app Waze for more than $1 billion last spring and in December bought military robot maker Boston Dynamics.