FTC approves key condition of Google's Nest acquisition
The government grants an "early termination" of the waiting period signaling that antitrust and competition regulations for the deal have now been satisfied.
Google's acquisition of Nest Labs appears to have been sped up.
The Federal Trade Commission announced Wednesday that the deal was granted an "early termination" of the acquisition waiting period. This means applicable antitrust and competition regulations for the deal have been satisfied and the acquisition could be complete earlier than previously forecast.
Google announced last month that it was buying Nest, maker of the Learning Thermostat and the Protect smoke and carbon monoxide detector, for $3.2 billion. While Nest will be joining Google's ranks, the company said it will still be run by current CEO Tony Fadell and "Nest will stay Nest."
Google had apparently already signaled that it was interested in being involved in the smart-home space. And there had been rumors that the search giant was already working on its own smart thermostat.
As with all acquisitions, the Google Nest deal must get regulatory approval from the government. Originally, the deal was expected to close in a couple of months; but now, with the early termination, it appears it could be approved even sooner.