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Priceline tapping into restaurant bookings with $2.6 billion acquisition of OpenTable

Open Table Priceline

The Internet travel booking company Priceline announced today it will acquire the online restaurant reservation service OpenTable for $103 a share. The all-cash deal will cost Priceline a total of $2.6 billion.

The deal is expected to officially close sometime in the third quarter of 2014. When that happens, OpenTable will be run as an independent business within the Priceline Group. OpenTable will continue to be based in San Francisco and lead by its current management team.

Darren Huston, the President and CEO of The Priceline Group, stated today:

"OpenTable is a great match for The Priceline Group. They provide us with a natural extension into restaurant marketing services and a wonderful and highly-valued booking experience for our global customers. We look forward to helping the OpenTable team accelerate their global expansion, increase the value offered to their restaurant partners, and enhance the end-to-end experience for our collective customers across desktop and mobile devices.!

Formed in 1998, OpenTable allows its users to reserve seats at over 31,000 restaurants in the U.S, Canada, Mexico, the UK, France, Germany and Japan. The company says it has seated over 125 million people in those restaurants since launching its first mobile apps in 2008.

Source: Priceline

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Comments

There are 11 comments. Sign in to comment

erzhik says:

All these acquisitions... I gotta go start a business.

ravi.tandon says:

Let me know your business name so that I can acquire you once I open mine :p

AlwaysHedged says:

Just be sure to start one that's worth buying.

pinkymoshy says:

Guys facebook on my country Iraq can't open why I think is block

gerrymad says:

Uh oh. Is twitter working?

JohnCz says:

Not sure about the price but it does seem like a good fit and extends their reach deeper into your travel experience.

cannon#WP says:

Wow, I had no idea OpenTable was worth that much.

 

Also what the heck is TopTable and why can't I have it?

Doomguy says:

Razer mouse pad in the background.

Bill Harvey1 says:

Oh good. Now I'll be able to book reservations at a restaurant without knowing which restaurant it is

gerrymad says:

LOL. Hopefully they don't categorize Denny's as a 4 star restaurant.