Priceline has announced that they've entered into a definitive agreement whereby The Priceline Group will acquire OpenTable for $103 per share in an all cash transaction valued at $2.6 billion.
Notably, OpenTable has been integrated into iOS by Apple, letting users make reservations via Siri. For instance, users can ask Siri to "Find a table for two at the local pizza place." If the restaurant supports it, Siri will use Opentable too reserve the table.
"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."
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.
The deal is expected to close in the 3rd quarter of 2014, subject to the satisfaction of customary closing conditions, including the receipt of regulatory clearance. OpenTable will continue to be headquartered in San Francisco, CA and will operate as an independent business led by its current management team within The Priceline Group.
Notably, OpenTable has been integrated into iOS by Apple, letting users make reservations via Siri. For instance, users can ask Siri to "Find a table for two at the local pizza place." If the restaurant supports it, Siri will use Opentable too reserve the table.
"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."
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.
The deal is expected to close in the 3rd quarter of 2014, subject to the satisfaction of customary closing conditions, including the receipt of regulatory clearance. OpenTable will continue to be headquartered in San Francisco, CA and will operate as an independent business led by its current management team within The Priceline Group.