Priceline will acquire OpenTable for $2.6 billion

By Marcina Zaccaria,

Priceline has announced that they are acquiring OpenTable for $2.6 billion.

The CEO of Priceline, Darren Huston, said in a statement, “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 has gained prominence for making it easier to make hotel and flight reservations. Internet users can utilize OpenTable for restaurant reservations.

OpenTable came at a great price tag. Priceline bought OpenTable Inc. for $2.6 billion in cash, according to The Wall Street Journal. Priceline offered $103 per share for OpenTable.

Huston is hoping for greater growth potential with OpenTable, a company based in America. At this point, Priceline handles transportation and lodging, but the purchase of OpenTable could lead to greater possibilities for the company. Travelers might not only be able to get the best accommodations and travel when they utilize the site, but also have great recommendations on nearby restaurants.

OpenTable is operating as an independent company until the deal closes. The agreement between the two companies will close in the third quarter of this year.

Image courtesy of Peter West/ACE/INFphoto.com

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