Why Apple is buying the ‘internet’ of people
Apple has announced a $5 billion deal to buy the ‘Internet of Things’ company Nest, making it the latest company to acquire the global leader in home automation.
The deal, which is expected to close in the third quarter, will create an $11 billion business for Apple in the tech sector.
Nest was founded in 2004 by three brothers in Boulder, Colorado.
It was later purchased by Google for $3.6 billion.
The purchase will see Nest acquire the Nest thermostat business.NEST, or the Nest Learning Thermostat, will be sold to Apple through its subsidiary, the company announced on Thursday.
The deal is expected close in September 2020.
Norton, a leading consumer electronics company, is a partner of Nest.
The company owns and operates more than 20,000 Nest thermoreceptors, the devices that measure temperature and humidity in your home.
Apple also has a patent for the thermostats.
Apple will get the rights to the Nest patents, and will license them to Nest.
Apple and Nest did not immediately respond to requests for comment.