Open Table negotiator?
The Priceline Group Inc. is buying OpenTable for $103 per share in an all cash transaction valued at $2.6 billion.
“OpenTable is a great match for The Priceline Group,” Darren Huston, president & CEO of The Priceline Group, said in a news release. “They provide us with a natural extension into restaurant marketing services and a wonderful and highly-valued booking experience for our global customers.”
With more than 15 million diners seated per month across more than 31,000 restaurants, OpenTable is the world’s leading provider of online restaurant reservations. OpenTable has seated more than 125 million diners worldwide through its mobile solutions, which were introduced in 2008. OpenTable’s brand is built on helping diners discover and book the perfect table and helping restaurants connect directly with their customers.
The Priceline Group is the world’s leading accommodation booking platform. Every night, an average of more than 1 million guests stay in accommodations booked through one of The Priceline Group brands in over 480,000 properties in over 200 countries and territories worldwide.
“The Priceline Group is a leader in e-commerce innovation with global expertise in online marketing and digital customer conversion across devices, and they have an exceptional track record of customer service in dozens of languages around the world,” Matt Roberts, CEO of OpenTable, said in a news release. “We couldn’t be more excited to join a group of brands leading in their space, and we look forward to the next chapter of our own journey as we continue to enhance the dining experience for our customers worldwide.”
The Boards of Directors of The Priceline Group and OpenTable have unanimously approved the transaction, which takes effect during the third quarter. OpenTable will continue to be headquartered in San Francisco and will operate as an independent business led by its current management team within The Priceline Group.