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Priceline to buy OpenTable restaurant reservation service for $2.6B

updated 12:11 pm EDT, Fri June 13, 2014

OpenTable technology integrated into Siri, will continue to operate independently

Travel discount purveyor Priceline has entered into a $2.6 billion dollar sale agreement with OpenTable. The $103 per share offer for the restaurant reservation service integrated into Apple's Siri technology represents a 46 percent price premium to OpenTable's stock price at the close of business on Thursday.

OpenTable offers an online real-time restaurant reservation service. The firm provides reservations at about 27,000 upscale restaurants around the world. Restaurants signing up for the service has slowed somewhat in the US and is declining in international markets, but the number of restaurants allowing OpenTable reservations still increasing overall.

Priceline says that the business will remain independent, and remain under current management. OpenTable recieves $1 from a restaurant if a prospective eater books a table through its services.

The deal comes after travel review website TripAdvisor purchased competing restaurant reservation service Lafourchette last month, signaling the entry of it into integrated travel and eating offerings.

by MacNN Staff



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