Priceline Group Inc. (PCLN: Quote) has agreed to acquire OpenTable, Inc. (OPEN: Quote) in a cash deal worth $103 per share or $2.6 billion.
With more than 15 million diners seated per month across over 31,000 restaurants, OpenTable is an online restaurant reservations provider. OpenTable has seated over 125 million diners worldwide through its mobile solutions, launched in 2008.
OpenTable would continue to be headquartered in San Francisco, CA and would operate as an independent business led by its current management team within The Priceline Group.
The boards of both the companies have approved the purchase, which would be effected via. a tender offer and may close in the third quarter of 2014, including the receipt of regulatory clearance.
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by RTT Staff Writer
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