Update: Nest has posted a very helpful Q&A about what will become of Nest after the acquisition, and things like iOS compatibility. Check out the full statement here, and see the pasted Q&A section below. Also, you can red CEO Tony Fadell's statement on Nest's blog, right here.

Will Nest continue to support iOS so I can have the Nest app on my iPhone or iPad?
Yes, absolutely. We’ll continue supporting iOS, Android and modern web browsers so you can check in on your home and control the temperature from wherever you are.

Will Nest and Google products work with each other?
Nest’s product line obviously caught the attention of Google and I’m betting that there’s a lot of cool stuff we could do together, but nothing to share today.

What will happen to the Nest warranties on products?
No change there – we stand behind our products like we always have.

Will I still be able to find Nest products at my local retailer?
You bet. We intend to continue selling through the same partners in the US, Canada and the UK.

Will Nest customer data be shared with Google?
Our privacy policy clearly limits the use of customer information to providing and improving Nest’s products and services. We’ve always taken privacy seriously and this will not change.

When Google's still-in-progress home energy manager EnergySense leaked last month, many wondered just who would partner with the company on the hardware side. After all, Google isn't exactly known for its HVAC prowess. It looks like we just found out: Google has purchased Nest Labs, makers of the critically-acclaimed Nest Thermostat. The price? A cool $3.2 billion, or about 3.2 Instagrams for those of you playing at home.

A press release on Google's investor site details the purchase, including a mention that Google will not merge the Nest brand into the Google product machine. Rather, CEO Tony Fadell will continue to operate the company under the Nest name, which very likely means that there are plenty of Nest-branded products to come. More than anything, the buyout is probably an integration / investment move - Nest's upcoming releases will almost definitely feature deep integration with Google's own services (command your thermostat from Google Now, anyone?), which should make for some pretty exciting possibilities.

Here's the full statement.

MOUNTAIN VIEW, CA – JANUARY 13, 2014 — Google Inc. (NASDAQ: GOOG) announced today that it has entered into an agreement to buy Nest Labs, Inc. for $3.2 billion in cash.

Nest’s mission is to reinvent unloved but important devices in the home such as thermostats and smoke alarms. Since its launch in 2011, the Nest Learning Thermostat has been a consistent best seller--and the recently launched Protect (Smoke + CO Alarm) has had rave reviews.

Larry Page, CEO of Google, said: “Nest’s founders, Tony Fadell and Matt Rogers, have built a tremendous team that we are excited to welcome into the Google family. They’re already delivering amazing products you can buy right now--thermostats that save energy and smoke/CO alarms that can help keep your family safe. We are excited to bring great experiences to more homes in more countries and fulfill their dreams!”

Tony Fadell, CEO of Nest, said: “We’re thrilled to join Google. With their support, Nest will be even better placed to build simple, thoughtful devices that make life easier at home, and that have a positive impact on the world.”

Nest will continue to operate under the leadership of Tony Fadell and with its own distinct brand identity. The transaction is subject to customary closing conditions, including the receipt of regulatory approvals in the US. It is expected to close in the next few months.