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Monday, January 13, 2014

Google to acquire Nest for $3.2 billion in cash, (NASDAQ: GOOG)

Google Inc on Monday announced plans to acquire Nest Labs Inc, a maker of smart thermostats and smoke alarms, for $3.2 billion, signaling the Internet company's intention to expand into a broader array of devices and bringing valuable hardware design expertise in-house.Nest, which was co-founded by one of the creators of Apple Inc's iconic iPod music player, will continue to operate as its own distinct brand after the all-cash deal closes, Google said.The deal is the second-largest in Google's history, after the $12.5 billion acquisition of mobile phone maker Motorola."Nest Labs appears to be focused on thermostats and smoke alarms, but it's not far-fetched to see Google expanding this technology into other devices over time," said Shyam Patil, an analyst at Wedbush.

Google Inc. (Google) is a global technology company. Shares of GOOG fell by 0.64% or $-7.2001/share to $1122.98. In the past year, the shares have traded as low as $695.52 and as high as $1147.32. On average, 1821940 shares of GOOG exchange hands on a given day and today's volume is recorded at 2422092.