OpenTable Priceline $2.6 billion deal to buy order platform

the nation’s largest online travel company Priceline will lead to the total price of $2.6 billion buying American online order platform OpenTable. If the average number of shares in accordance with the OpenTable calculation, the equivalent of $103 a share, 46% higher than OpenTable closing price of $70.43 on Thursday. The deal will be paid in cash.

Priceline website mainly engaged in hotel and ticket booking, the OpenTable is mainly engaged in the restaurant reservations, therefore, the two companies also have some similarities.

Priceline, chief executive of Darren halston (Darren Huston) to the Wall Street journal said, “we have done two daily work are very similar, just market areas are different.”

at present, the industry’s response to the deal is – Priceline purchase OpenTable, mainly on the growth potential of OpenTable.

here is the official statement about the deal:

the Priceline group and OpenTable company announced today that they have signed the final agreement. According to this agreement, Priceline group will be the price of $103 a share OpenTable, the transaction total price is $2.6 billion, will all be paid in cash.

the Priceline group feast Aaron haas, President and chief executive of the trade, said: “OpenTable business and well suited for business. OpenTable for Priceline to food and beverage marketing services market provides good natural conditions, but also will provide high quality value for our customers worldwide reservation experience. We want to help OpenTable team to speed up their global operations, and enhance the value of they offer catering partners, but also for our customers enhance desktops and mobile devices in end of the experience.”

OpenTable currently booking more than 31000 a month for the more than 1500 seats in the restaurant, has now become a global network of catering reservation the industry leader. OpenTable is now through its mobile solutions for the global more than 125 million diners booked a seat. OpenTable’s mobile solutions was launched in 2008. OpenTable brand influence is mainly based on the company to help patients find and booking the perfect table of order and help the restaurant directly contact with their customers.

the Priceline group has now become the world’s leading hotel and flight booking platforms. Data show that global through Priceline website and the brands under the Priceline group every night accommodation reservation number of consumers has more than 1 million people, a night reservation number more than 480000 rooms, the business has been extended to more than 200 countries and regions in the world.

OpenTable’s chief executive, Matt Roberts (Matt Roberts) trade also said: “the Priceline group in e-commerce innovation has been one of the world’s leading position, in the global market network and all kinds of digital equipment customer public relations are a rich experience, they provide ten languages service in the whole world, this also set a special record. To join the brand field, we feel very honored. We hope to continue to ascend in the process of dining experience for customers in the world, also open a new chapter in our own journey.”

at present, the Priceline group and the board of directors of the OpenTable company all have already agreed to the deal. The deal will take effect after bid form, is expected to be completed in the third quarter of this year, at the same time, it also need to comply with the relevant conventional completion, including regulatory approval and recognition, etc.

after the deal ends, the headquarters of OpenTable will continue to keep and maintain in San Francisco, and will continue to operate as an independent business, but the relevant operations will be handled by the current leadership of the Priceline group is responsible for.

source: tencent technology