The OpenTable deal is the first big move for Priceline Chief Executive Officer Darren Huston, who took over in January with a challenging task: continue to fuel growth after his predecessor Jeffery Boyd, who stayed as chairman, generated a 100-fold stock surge in 11 years.
Priceline Group Inc. stepped up its acquisition spree by buying OpenTable Inc. in a deal valued at $2.6 billion, adding restaurant bookings to an online travel business already spanning flights, hotels and cars.
The all-cash offer of $103 per share for the popular Internet restaurant reservation company is 46 percent higher than OpenTable's closing price yesterday. The deal is expected to be completed in the third quarter, the companies said in a statement today.
Priceline is buying a company that seats over 15 million diners per month across more than 31,000 restaurants via online bookings. As consumers increasingly use services like OpenTable on mobile devices, the deal boosts Priceline's presence on smartphones and further connects the company to local businesses.
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Darren Huston
Short StoryDarren Huston (born 3 January 1966) is a Canadian businessman was the president and chief executive officer (CEO) of Priceline, Currently he is a CEO of BlackPines Capital Advisors. Residence - Amsterdam, Netherlands Nationality - Canadian Alma mate...
