Priceline Group Inc (NASDAQ:PCLN) has announced that it will be acquiring OpenTable Inc (NASDAQ:OPEN) for $103 per share in an all cash transaction that is valued at $2.6 billion. OpenTable sees over 15 million diners seated per month across more than 31,000 restaurants. It has seated over 125 million diners worldwide through its mobile app, which launched in 2008. Priceline, the large accommodation booking platform, sees an average of more than 1 million guests stay in accommodations booked through Priceline.com or an affiliate.
“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,” said Darren Huston, President & CEO of The Priceline Group. “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.”
The board of directors at both companies have unanimously approved the deal. It is expected to close in Q3 of 2014. OpenTable will operate as an independent business led by its current management team within The Priceline Group.