Priceline's $2.6 billion OpenTable acquisition expands the online travel agency's restaurant reservation offierings, the company announced Friday.
According to a press release, the agreement's shares total $103 each. Both companies will officially complete the deal in the third quarter of the 2014 fiscal year. The transaction must pass particular closing terms, and must clear all regulations.
Priceline's president and CEO said the two businesses go well together.
"OpenTable is a great match for The Priceline Group," Darren Huston said in a statement. "They provide us with a natural extension into restaurant marketing services and a wonderful and highly-valued booking experience for our global customers. 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."
OpenTable's CEO said his company was fortunate to collaborate with a highly regarded online travel agency company.
"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 said in a statement. "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."
Over 15 million customers can make reservations at 31,000 different locations through the online restaurant service a month. Plans made on the company's mobile capabilities totaled over 125 million. The company aims to assist towners locate and reserve the best possible restaurant plans possible. The entity also links eating establishments to customers, according to the press release.
Over one million people make arrangements to reside in one of Priceline's more than 480,000 hotels a night. The company has spots in at least 200 countries and territories across the globe.
OpenTable will stay at its San Francisco, Calif., headquarters. The company will operate a a stand-alone entity. Existing Priceline Group managers will lead the business.
