Priceline Snaps Up OpenTable for $2.6 Billion in Cash The acquisition, expected to close later this year, represents the online travel company;s initial foray into the dining industry.

By Geoff Weiss

Opinions expressed by Entrepreneur contributors are their own.

Priceline, which facilitates the online sale of airline tickets and hotel rentals, has purchased restaurant reservation platform OpenTable, marking its initial foray into the dining industry.

Priceline paid $103 per share in an all-cash transaction valued at $2.6 billion, according to a statement. That's a 46 percent premium over OpenTable's closing price yesterday.

OpenTable, which books 15 million monthly diners across its stable of 31,000 restaurants, will "provide us with a natural extension into restaurant marketing services," said Priceline's CEO, Darren Huston.

The sale is expected to close in the third quarter, whereupon OpenTable will continue to be headquartered in San Francisco and operate as an independent business with its current management team intact.

Other Priceline properties include Booking.com, KAYAK and rentalcars.com.

Related: Airbnb Piloting Dinner Party Program for Complete Strangers

Geoff Weiss

Former Staff Writer

Geoff Weiss is a former staff writer at Entrepreneur.com.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

Marketing

I've Sold More Than $18,000,000 in Products and Services Using This "Big" Marketing Strategy

This one single thing can be the difference between a home-run marketing campaign and one that flops.

Business News

Starbucks Is Limiting Mobile Orders to Reclaim the Coffeehouse's 'Connection' With Customers

The coffee chain has made a spate of recent changes to its stores.

Marketing

Yes, AI Might Take Your PR Job. Here's What You Can Do About It.

As AI reshapes the PR industry, professionals who embrace technology, focus on creativity and build genuine connections can secure their place in the future of public relations.