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06-13-2014, 05:01 PM #1
Priceline Set to Buy Apple Partner OpenTable for $2.6B
The online travel company, Priceline, has recently struck a deal that will see it pay $2.6 billion for OpenTable, a provider of online reservation technology for restaurants that underpins Siri’s table booking functionality. Priceline is set to pay $103 per share, a $29 premium over the stock’s June 12 closing price, for OpenTable in the all-cash acquisition. Executives from both companies touted Priceline’s ability to help OpenTable as the latter attempts to expand into foreign markets.
According to Priceline CEO Darren Huston:
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.
The Cupertino California company integrated OpenTable into Siri beginning with iOS 6, allowing the personal digital assistant to help iPhone owners make restaurant reservations. It’s unclear how the Priceline agreement is going to affect OpenTable’s relationship with Apple. We’ll have to wait and see.