Alphabet acquired Nest Labs for $3.2B, a transaction completed in February 2014, structured as cash.
Nest Labs operates in Hardware / Connected home, is based in Palo Alto, California, USA. Nest Labs makes connected home devices, most notably the Nest Learning Thermostat and Nest Protect smoke/CO alarm, that automate and add intelligence to everyday household hardware. Google acquired the company to accelerate its push into the connected home and to bring Nest's hardware-plus-software design expertise (led by former Apple iPod executive Tony Fadell) in-house.
Establish a beachhead in the connected home with proven consumer hardware and design talent.
Advisory firms were not disclosed for this transaction.