Google’s $3.2 Billion Nest Acquisition Is Now Final
Google said in a regulatory filing this morning that it closed its acquisition of Nest on February 7.
The $3.2 billion cash deal brings the smart thermostat and smoke-detecting hardware company and its team — led by Apple’s former iPod head, Tony Fadell — into the Google fold. At Google, Fadell is reporting directly to Larry Page.
A quick finalization was expected after the Federal Trade Commission fast-tracked its approval last week.
Google’s disclosure came in its annual 10-K filing with the Securities and Exchange Commission.
Google’s acquisition of Nest was part of a multi-team trade of sorts. At about the same time, Google announced a deal to sell off its Motorola Mobility unit to Lenovo. Ownership had created friction with other Android device makers concerned about favoritism. In making the two deals, Google essentially traded today’s hardware — smartphones (how boring and pedestrian!) — for tomorrow’s big bets — the smart home and beyond.