Priceline buys OpenTable for US$2.6b
Print Edition
PRICELINE is buying online restaurant reservation company OpenTable for US$2.6 billion. The deal should help Priceline, the online travel company, enter a new business segment.
Priceline will pay US$103 per share, which is a 46 percent premium to OpenTable Inc’s Thursday closing price of US$70.43.
Priceline President and CEO Darren Huston said in a statement that OpenTable gives it “a natural extension into restaurant marketing services and a wonderful and highly-valued booking experience for our global customers.”
OpenTable seats more than 15 million diners per month at more than 31,000 restaurants. The company will still be based in San Francisco and will operate as an independent business led by its current management team.
At Priceline, an average of over 1 million guests stay in accommodations booked through one of several brands each night. It has more than 480,000 properties in over 200 countries and regions worldwide.
The Connecticut-based company changed its name from Priceline.com Inc to Priceline Group Inc in April to better reflect its overall business. Its brands include Booking.com, priceline.com, agoda.com, KAYAK and rentalcars.com.
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