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Priceline buys OpenTable, enters restaurant biz

Priceline is snapping up restaurant-reservation platform OpenTable for $2.6 billion in cash, expanding the traditionally travel-only booking site’s services.

Priceline will pay $103 a share for the company, a 45% premium to OpenTable’s $71.13 closing price Thursday, the company announced Friday. The deal should be completed in the third quarter.

“They provide us with a natural extension into restaurant marketing services and a wonderful and highly-valued booking experience,” said Darren Huston, CEO of the Priceline Group. 

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