Navigate this market better. Subscribe for FREE stock alerts and information.

Monday, January 13, 2014

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

Google Inc took its biggest step to go deeper into consumers' homes, announcing a $3.2 billion deal to purchase smart thermostat and smoke alarm-maker Nest Labs Inc, scooping up a promising line of products and a prized design team led by the "godfather" of the iPod.Nest will continue to operate as its own distinct brand after the all-cash deal closes, Google said on Monday.The deal is the second largest in Google's history after the $12.5 billion acquisition of mobile phone maker Motorola in 2012."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 2423992.