FORTUNE — Nest Labs is on of the hottest companies in Silicon Valley, combining the Internet Of Things with Apple-style design and an ability to reduce carbon consumption. It was widely believed to be an IPO candidate for either 2014 or 2015, with reports that it was in talks to raise another $150 million in venture capital at around a $2 billion valuation.
Until today, when the company agreed to be acquired by Google [fortune-stock symbol=GOOG] — an existing shareholder in the company — for $3.2 billion in cash.
So why sell? And what does it mean for Nest’s future? What follows is an edited transcript of an interview with Nest co-founder and CEO Tony Fadell, conducted shortly after the announcement:
Fortune: Why did you choose to sell the company?
Fadell: Most companies have two paths: They either can stay independent, or they can join forces with another company and…
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