Google’s $3.2 billion purchase of Nest cleared by FTC

Photo: websummit.net

After announcing that it had acquired smart thermostat maker Nest for $3.2 billion in cash last month, Google’s purchase was of course still subject to the normal regulatory approvals. Today the deal has finally been made official with the FTC granting approval of the acquisition through an “early termination” of the commission’s review of the purchase. It looks like the FTC has no concerns over the deal violating antitrust laws so pending any other regulatory body jumping in before the 30-day waiting period is up, Google shouldn’t have any issues closing the deal.

Google had already invested in the company through its Google Ventures arm, but the purchase means Nest will officially become a part of Google. In its original statement announcing the acquisition, Google noted that Nest will continue “its own distinct brand identity” and that founder Tony Fadell will continue to run the company.

(via ComputerWorld)