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Priceline to Buy OpenTable in Deal Valued at $2.6 Billion

Priceline Group Inc. is buying OpenTable Inc. in a deal valued at $2.6 billion to add restaurant bookings to its travel business as the industry steps up investments in local listings and mobile services.

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.