Google buys VC-backed Nest Labs

Google has acquired Nest Labs, the latter announced in a blog post on its site. No financial terms were disclosed; however, some news outlets peg the sum to be at $3.2 billion. Based in Palo Alto, Calif., Next Labs, which was founded by former Apple executive Tony Fadell, is a maker of a smart-home thermostat. Its backers included Google Ventures, Venrock, Kleiner Perkins Caulfield & Byers, Shata Ventures and Lightspeed Venture Partners.