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. Yes, you read that correctly – “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. OpenTable has reportedly seated over 125 million people in restaurants across the globe for over 6 years now. It will be interesting to see if Priceline eventually gives you the option to save a spot on your next trip, among other things.