Nest Labs Inc. strikes gold, acquired by Google Inc

Google recently announced that it had acquired Nest Labs, Inc. in a multi-billion deal estimated to be around $3.2 Billion in cash.

Google is a global technology leader focused on improving the ways people connect with information. Their innovations in web search and advertising have made it top property and one of the most recognized brand around the world.

Nest Labs, which was launched in 2011, has worked on a sole mission to reinvent useful but unloved devices such as thermostats and smoke alarms. They recently launched Protect, a smoke and CO alarm, which has been received with rave reviews. The Nest Learning Thermostat, also has been a consistent favourite in it's category right from the start.

Tony Fadell, CEO of Nest Labs, in a statement said, “We're thrilled to join Google. With their support, Nest will be even better placed to build simple, thoughtful devices that make life easier at home, and have a positive impact on the world.”

“Nest's founders, Tony Fadell and Matt Rogers, have built a tremendous team that we are excited to welcome into the Google family. 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 save. We're excited to bring great experiences to more homes in more countries and fulfill their dreams.”, said the CEO of Google, Larry Page on their acquisition of Nest Labs.

The multi-billion transaction is expected to close over the next few months, and is subject to customary closing conditions, including the receipt of regulatory approvals from the US. Also it is said that Nest will continue to function under the leadership of Tony Fadell and have it's own brand identity.

Another beneficiary of this transaction has been a company (Nestor) trading under the symbol NEST in the stock exchange, which shot up by 1,900 %. Unfortunately though, Nestor is just a shell company which has been in receivership since 2009 and has nothing to do with the company recently acquired by Google. Investors mistakenly starting pumping in money on Nestor, a penny stock, which was actually trading at less than a penny when news of the Google's acquisition of Nest Labs broke out. A blogger ,who styles himself at KidDynamite, first brought this to the attention of those who follow him.