Google has confirmed in a regulatory filing with the SEC that it has completed its $3.2B acquisition of Nest Labs after the deal was officially cleared by the FTC. The company revealed that it had previously held a 12 percent stake in Nest.
It has been rumored that the Nest team will form Google’s core hardware design group, with an unlimited budget. Google has issued only a brief statement on the reason for the buy-out, promising more home devices to follow.
We expect that the acquisition 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.
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