The designer who helped create the iPhone at Apple is now officially going to be part of Apple’s arch rival: Google. That’s right, on Monday afternoon Google and Nest announced that the search engine giant plans to spend $3.2 billion acquiring the smart home hardware and software company.

This is one of the bigger deals to go down in recent years in Silicon Valley, and there are a lot of winners and losers that will emerge as a result. Here’s my take:

Winners:

Nest’s founders: Founded by entrepreneurs Tony Fadell and Matt Rogers (also formerly of Apple), the company only launched a little over two years ago with grand ambitions to redesign unloved devices like the ignored thermostat and the hated smoke alarm. Creating an entirely new product category for these sectors is difficult and expensive, and it could have failed on many levels. But it didn’t: the founders got…