Friday, October 11, 2019

Priceline Extending Its Reach To Restaurant Reservations

Extending its reach into restaurant reservations, online travel giant Priceline Group bought OpenTable for $2.6 billion.

Priceline paid $103 per share in cash, which is a 46% premium over OpenTable’s closing price of $70.43.

OpenTable charges restaurants monthly fees to seat diners who book their reservations online. It has an inventory of more than 31,000 restaurants, and seats more than 15 million diners a month.

“Travelers are diners,” Priceline CEO and President said in a conference call with analysts and reporters. “It’s the same customers. There’s opportunity to cross-promote brands.

“We spent a long time looking at OpenTable. It’s been on our radar for a long time. We felt now was a good time,” he said.

2 comments:

  1. Hi thanks for sharing an informational article. Priceline CEO buy opentable, because he wants to expand the opentable internationally.

    ReplyDelete
    Replies
    1. Darren Huston always thinks of profit, that's why he always got success.

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