Accommodation booking platform Priceline (NASDAQ: PCLN) has entered into a definitive agreement to acquire OpenTable (NASDAQ: OPEN) in an all cash transaction valued at $2.6 billion (or $103 per share). Seating more than 15 million diners per month across more than 31,000 restaurants, OpenTable enables diners to see which restaurants have available tables, select a restaurant based on verified diner reviews, menus and other helpful information, and book a reservation online.
Several VC investors that have backed OpenTable will be cashing in on the acquisition, including Benchmark Capital and Impact Venture Partners. OpenTable will continue to be headquartered in San Francisco and will operate as an independent business led by its current management team within Priceline. The deal is expected to close in the 3rd quarter of 2014.