Google announced the Nest Labs acquisition back in mid-January. The purchase price was set at $3.2 billion in cash, and as we learned, the Nest team would be welcomed into the Google family. But while the acquisition was announced, and some plans were specified, there was also the standard line about the “customary closing conditions.”
While it was not possible to provide a specific timeline for the close, both Google and Nest were saying the the acquisition was expected to finalized in the “next few months.” To that point, it seems progress is being made as an update has come from the Federal Trade Commission (FTC). They have granted what is called an “early termination.”
The early termination mention comes as a result of the Hart-Scott-Rodino (HSR) Act. This act requires some large acquisitions to file a pre-merger notification. Once filed, the involved parties wait for the government review. Basically, the early termination bit means the FTC terminated the review before the end date, and as a result, that means Google and Nest are clear to close the deal.
Now we’ll have to see how things play out as the two sides begin moving forward. Since the original news of the acquisition though, there has been plenty of details coming from Nest. As a recap, there was mention of how the Nest team will continue as “its own distinct brand identity.” Furthermore, Tony Fadell will remain as CEO, support will remain for Android and iOS, and Nest has committed to an opt-in personal data model.
VIA: Computer World