Discount travel giant Priceline Group has reportedly acquired restaurant booking service OpenTable for $2.6 billion in cash — expanding its reach beyond travel and into food service.
“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,” Priceline Group CEO and President Darren Huston said in a statement.
Priceline offered $103 a share in cash for the company, a 46% premium over its closing price Thursday, according to the Wall Street Journal. The deal is said to close in the third quarter.
Priceline already has a firm grip on the travel booking market with both Booking.com and Kayak.com already in its arsenal, in addition of course to Priceline.com. Now the company is looking to keep its growth going. On June 10 the company bought Seattle-based hotel marketing agency Buuteeq.
Restaurant booking in many ways is a natural next step for Priceline. Right now OpenTable has 31,000 restaurants represented on its website, and there’s plenty of room to expand.
OpenTable charges restaurants monthly fees to bring in diners.
OpenTable is a leading provider of free, real-time online restaurant reservations for diners and reservation and guest management solutions for restaurants. The OpenTable network delivers th... All OpenTable news »
The Priceline Group Inc. operates as a online travel company. It provides hotel reservation services on a worldwide basis with approximately 275,000 properties in 175 countries and territori... All The Priceline Group Inc. news »