Travel website Priceline will offer OpenTable, which handles 15 million restaurant reservations a month at 31,000 locations, $103 a share. This price is 43% more than what OPEN shares were trading for when the market closed on Thursday, The New York Times notes.
The deal between Priceline and OpenTable will help both companies. It gives Priceline a natural extension into the restaurant reservation business while expanding OpenTable’s venues. OpenTable currently only serves America and 18 other countries, but this could increase due to the acquisition by PCLN, reports Forbes.
The deal between Priceline and OpenTable is set to close in September. OpenTable employees will remain at their headquarters in San Francisco and the company will continue to run under the management of CEO Matt Roberts, NYT notes.
OPEN shares soared 47% on news of the acquisition.